02 May HOW DO WE PRODUCE THESE GOODS AND SERVICES?
Refer to the figure above.What is the maximum amount of steel that can be produced? Hint: Paper production is zero.a) 14 million tonsb) 20 million tonsc) 19 million tonsd) 16 million tons Which of the following is NOT one of the three fundamental questions of economics?a) WHEN: When are the goods and services ready for consumption?b) HOW: How do we produce these goods and services?c) WHAT: What goods and services do we produce?d) WHO: Consumes the goods and services that are produced? Which of the following are factors of production?a)Natural resourcesb)Laborc)Entrepreneurshipd)All of the above An example of a goods market is:a) the U.S. Department of Defense hiring contractors for a security project.b) Dell computers asking for bids from semiconductor manufacturers.c) a student shopping at Computer World for a laptop.d) the Wonder Bread company purchasing 20 tons of flour. The study of economics can best be described as:a) the study of the production possibilities curve.b) the study of choices made by people who are faced with scarcity.c) the study of money.d) the study of how to produce output. The opportunity cost of taking a semester-long economics class is:a)the cost of tuition and fees only.b)the value of the time spent in the classroom.c)equal to the highest value of an alternative use of the time and money spent on the class.d)zero because there is no admission charged if you are enrolled in the course. The production possibilities curve has a concave shape because resources are not perfectly adaptable in production. a) Trueb) False Physical capital is the knowledge and skills acquired by a worker through education and experience and used to produce goods and services.a) Trueb) False Variables can take on many values, and the ceteris paribus assumption is when we consider changes in one variable, we hold all other variables constant.a) Trueb) False An increase in labor would shift the production possibilities curve inward.a) Trueb) False In the long run, all factors of production are fixed.a) Trueb) False
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