Scarcity and the factors of production quiz answer key. 1.1 Scarcity: The Basic Economic Problem by Quinn Graves on Prezi

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Economics: Scarcity & the Factors of Production 1.1 Flashcards

scarcity and the factors of production quiz answer key

In this chapter you will begin your study of economics by investigating two basic economic ideas: scarcity and trade-offs. Macroeconomics deals with the decision-making of individuals and firms. If you're like most people, you constantly face decisions becuase you don't have enough time and money to do everything. The economy would experience the most future economic growth if it chooses to maximize the production of a Consumption goods b Capital goods c Services d None of the above Key: 1. Which of the following is an example of a positive statement? Which of the following is not one of the 10 principles of economics? Which of the following is true about the circular flow model? What is the opportunity cost to produce 1 apple for the United States? For a producer to have an absolute advantage, the producer must produce the same good at a lower opportunity cost. Country United States Costa Rica Apples Apples and oranges output pounds per hour Oranges 15 3 5 5 A.

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Quiz & Worksheet

scarcity and the factors of production quiz answer key

What is the opportunity cost of this decision? What is the opportunity cost to produce 1 orange for Costa Rica? What is the opportunity cost to produce 1 computer? Suppose Holland decides to increase its production of corn by 3 bushels. . What is the opportunity cost to produce 1 bushel of corn? At most basic leve, economics is the study of how people make chocies when hey face a limited supply of resources. . . . .

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Economics Chapter 1

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Economics: Scarcity & the Factors of Production 1.1 Flashcards

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Economics: Scarcity and the Factors of Production by Algie Davis on Prezi

scarcity and the factors of production quiz answer key

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Economics Chapter 1

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Economics Chapter 1

scarcity and the factors of production quiz answer key

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Economics: Scarcity & the Factors of Production 1.1 Flashcards

scarcity and the factors of production quiz answer key

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Economics Chapter 1

scarcity and the factors of production quiz answer key

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