ECONOMICS QUESTIONS AND GRADED ANSWERS, 100%
GUARANTEE
In every economic system, people must choose how to - make the best use of scarce
resources.
Which do economists consider to be a productive resource (factor of production)? -
Machines in an auto plant.
A basic role of entrepreneurs in the economy is to - take risks associated with stating new
businesses.
The opportunity cost of a new public high school is the - other goods and services the
must be given up for the new school.
When a nation's human and material resources are fully employed, more of any one product -
can be produced only if there is less production of other products.
The specialization of labor usually results in - an increase in output per hour worked.
Which would most likely increase the productivity of labor? - An increase in capital
investment.
Which question must be answered by people in all economic systems? - How will goods
and services be produced?
In a market economy, the public interest is likely to be served even when individuals pursue their
personal economic goals because of - the operation of competitive markets.
Profit are equal to total - revenue minus total cost.
GUARANTEE
In every economic system, people must choose how to - make the best use of scarce
resources.
Which do economists consider to be a productive resource (factor of production)? -
Machines in an auto plant.
A basic role of entrepreneurs in the economy is to - take risks associated with stating new
businesses.
The opportunity cost of a new public high school is the - other goods and services the
must be given up for the new school.
When a nation's human and material resources are fully employed, more of any one product -
can be produced only if there is less production of other products.
The specialization of labor usually results in - an increase in output per hour worked.
Which would most likely increase the productivity of labor? - An increase in capital
investment.
Which question must be answered by people in all economic systems? - How will goods
and services be produced?
In a market economy, the public interest is likely to be served even when individuals pursue their
personal economic goals because of - the operation of competitive markets.
Profit are equal to total - revenue minus total cost.
