Scarcity

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Scarcity

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Period *

Period 1

Period 2

Period 3

Period 4

Period 5

Which of the following correctly lists the categories of productive resources? *

1 point

machines, buildings, land, and money

hardware, software, land and money

land, labor, capital, and entrepreneurship

owners, workers, and consumers

The value of the best alternative forgone when a decision is made defines *

1 point

economic good.

opportunity cost.

scarcity.

trade-off.

In which way does a straight-line production possibilities curve differ from a concave production possibilities curve? *

1 point

A straight-line production possibilities curve has a constant opportunity cost.

A straight-line production possibilities curve does not show opportunity cost.

A straight-line production possibilities curve has an increasing opportunity cost.

Looking at the graph below Points A, B, E, and F: *

1 point

indicate combinations of cars and computers that society can produce using all of its resources efficiently.

show that the opportunity cost of more cars increases, but that of more computers decreases.

indicate that society wants computers more than cars.

indicate constant costs for cars and increasing costs for computers.

Looking at the graph above, this production possibility frontier is: *

1 point

bowed out from the origin because of increasing opportunity costs.

bowed in toward the origin because of increasing opportunity costs.

bowed in toward the origin because of constant cost of cars and computers.

linear because of constant costs.

The production possibility frontier will shift outward for which of the following reasons? *

1 point

a decrease in the labor force

an upgrade of capital to the best available technology that is currently available

better technology that improves worker productivity

a decrease in the unemployment rate

The law of increasing costs *

1 point

Does not apply to guns and butter.

is the result of resources not being perfectly adaptable between the production of two goods

implies that prices will rise when the costs of making a good rise

causes the production possibilities frontier to be a straight line.

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