Smartbook Exam One Questions Solved
Correctly To Score A+ 2025
economics is concerned with figuring out ways to allocate ___________ resources in
the best possible way CORRECT ANSWERS scarce
due to scarcity of resources, every individual, whether rich or poor, is faced with an
________________ cost when choosing to produce or consume a good or service
CORRECT ANSWERS opportunity
to economists, land includes all _____, or gifts of nature, used in the production process
CORRECT ANSWERS natural resources
which of the following consists of the physical and mental activities that people
contribute to the production of all goods and services? CORRECT ANSWERS labor
for economists, __________ goods are those goods, such as machines, used to
produce final consumer goods and services CORRECT ANSWERS capital
the factor of production related to the skill in creating products, services and processes
is known as: CORRECT ANSWERS entrepreneurship
combination of goods that are on the production possibilities curve: CORRECT
ANSWERS utilize available resources and technology
are possible to produce
A production possibilities curve shows the alternative combination: CORRECT
ANSWERS of goods and services that can be produced in a given time with all
available resources and technology
the production possibilities curve shows the output combinations that are ________. A
country will choose to produce at a certain mix of output depending on the country's
________. CORRECT ANSWERS possible; needs or wants
which of the following illustrates the alternative combinations of goods and services that
could be produced in a given time period with all available resources and technology?
CORRECT ANSWERS production possibilities
on which of the following does the designation of any particular mix of output for a
particular society as "best" rest on? CORRECT ANSWERS value judgments
which of the following best represents investment spending?
a) a commercial baking oven
b) hiring an operator for a Caterpillar earth-moving front leader
, c) money
d) A brand new Dell computer and printer for a student CORRECT ANSWERS a
an increase in output (real GDP) is called CORRECT ANSWERS economic growth
which of the following are investment goods?
a) new factory
b) machinery used to produce wood furniture
c) T-shirts purchased on vacation
d) enhanced national telecommunication network CORRECT ANSWERS a
b
c
an expansion of production possibilities is called CORRECT ANSWERS economic
growth
decisions such as increasing the share of military spending, how many interstate
highways to build or how many Head Start classes to offer are made through ______.
CORRECT ANSWERS political planning
the essential feature of the market mechanism is the ________ signal CORRECT
ANSWERS price
________________________ is the use of market prices and sales to signal desired
outputs (or resource allocations) CORRECT ANSWERS the market mechanism
choose those characteristics that best describe a central planning:
a) The division of output between capital and consumer goods is decided by market
forces
b) Firms produce according to the demands of consumers
c) Government decides what goods are produced at what price
d) A central planning board makes all economic decisions concerning resources
CORRECT ANSWERS c
d
an economy which uses a combination of government directives and market
mechanisms is known as a _______. CORRECT ANSWERS mixed economy
A ______________ failure is an imperfection in the market mechanism that prevents
optimal outcomes CORRECT ANSWERS market
Which of the following describe central planning?
a)A government-appointed central planning board
b)Firms producing what consumers demand
c)Firms and households acting in their own self-interest
d)Government ownership of most or all property resources CORRECT ANSWERS a
Correctly To Score A+ 2025
economics is concerned with figuring out ways to allocate ___________ resources in
the best possible way CORRECT ANSWERS scarce
due to scarcity of resources, every individual, whether rich or poor, is faced with an
________________ cost when choosing to produce or consume a good or service
CORRECT ANSWERS opportunity
to economists, land includes all _____, or gifts of nature, used in the production process
CORRECT ANSWERS natural resources
which of the following consists of the physical and mental activities that people
contribute to the production of all goods and services? CORRECT ANSWERS labor
for economists, __________ goods are those goods, such as machines, used to
produce final consumer goods and services CORRECT ANSWERS capital
the factor of production related to the skill in creating products, services and processes
is known as: CORRECT ANSWERS entrepreneurship
combination of goods that are on the production possibilities curve: CORRECT
ANSWERS utilize available resources and technology
are possible to produce
A production possibilities curve shows the alternative combination: CORRECT
ANSWERS of goods and services that can be produced in a given time with all
available resources and technology
the production possibilities curve shows the output combinations that are ________. A
country will choose to produce at a certain mix of output depending on the country's
________. CORRECT ANSWERS possible; needs or wants
which of the following illustrates the alternative combinations of goods and services that
could be produced in a given time period with all available resources and technology?
CORRECT ANSWERS production possibilities
on which of the following does the designation of any particular mix of output for a
particular society as "best" rest on? CORRECT ANSWERS value judgments
which of the following best represents investment spending?
a) a commercial baking oven
b) hiring an operator for a Caterpillar earth-moving front leader
, c) money
d) A brand new Dell computer and printer for a student CORRECT ANSWERS a
an increase in output (real GDP) is called CORRECT ANSWERS economic growth
which of the following are investment goods?
a) new factory
b) machinery used to produce wood furniture
c) T-shirts purchased on vacation
d) enhanced national telecommunication network CORRECT ANSWERS a
b
c
an expansion of production possibilities is called CORRECT ANSWERS economic
growth
decisions such as increasing the share of military spending, how many interstate
highways to build or how many Head Start classes to offer are made through ______.
CORRECT ANSWERS political planning
the essential feature of the market mechanism is the ________ signal CORRECT
ANSWERS price
________________________ is the use of market prices and sales to signal desired
outputs (or resource allocations) CORRECT ANSWERS the market mechanism
choose those characteristics that best describe a central planning:
a) The division of output between capital and consumer goods is decided by market
forces
b) Firms produce according to the demands of consumers
c) Government decides what goods are produced at what price
d) A central planning board makes all economic decisions concerning resources
CORRECT ANSWERS c
d
an economy which uses a combination of government directives and market
mechanisms is known as a _______. CORRECT ANSWERS mixed economy
A ______________ failure is an imperfection in the market mechanism that prevents
optimal outcomes CORRECT ANSWERS market
Which of the following describe central planning?
a)A government-appointed central planning board
b)Firms producing what consumers demand
c)Firms and households acting in their own self-interest
d)Government ownership of most or all property resources CORRECT ANSWERS a
