the law of increasing cost means that when an economy increases the production of one item... (this happens)
What is the opportunity cost goes up
100
the purpose of the production possibilities graph
What is show alternative ways to use an economy's resources
100
an efficient economy is one that
What is using its resources to make goods and services
200
A factory building is an example
What is physical capital?
200
There are not enough workers to finish 2 jobs because there are a limited supply of workers
What is an example of scarcity
200
The opportunity cost of a decision
What is the most desirable alternative given up for the decision
200
Production possibilities frontiers curve when they are charted on a graph because they show
What is increasing cost resulting in increasingly less output
200
The government of a country must make a decision between spending $ on a hospital or the same amount on border security
What is "guns and butter"?
300
A nation's automakers install new robotic machinery to build cars. More cars can be produced,this growth is an example of
What is technology?
300
A person wants an endless supply of everything but cannot have it. Is this an example of scarcity or shortage?
What is scarcity?
300
You fill your gas tank using the last $30 in your checking account and payday is Monday. Your friends invite you to go to the movies Sat night. What is the opportunity cost?
What is the movies with your friends?
300
Whether to hire new workers would be the kind of decision that can be made...(where)
What is at the margin
300
An economy that uses its resources to make the greatest possible number of goods and services
What is an efficient economy?
400
A woodworker uses saws and drills to make furniture. The saws and drills are an example of...
What is physical capital?
400
A town produces a large number of tires and a small amount of kiwi fruit. If they choose to produce more kiwi and less tires according to the law of increasing cost what happens?
What is the cost of kiwis will increase?
400
Deciding whether the benefit of working two extra hours per day is worth the sacrifice of study time
What is thinking at the margin?
400
A new invention lowers the cost of production causing the production possibilities curve to move...(which direction)
What is to the right?
400
A decision must be made whether to use steel to build fighter planes or new sports cars. This decision is called...
What is a "guns and butter" decision?
500
A taxi drivers knowledge of city streets is an example of ...
What is human capital?
500
The definition of scarcity"Limited quantities ...
What is to meet unlimited wants"?
500
A company that makes baseball caps is underutilizing its resources.
What is the company is producing fewer caps than it could be?
500
A nation loses land as a result of losing a war. The production possibilities curve moves ...(which direction)
What is down and to the left?
500
All of the goods and services an economy has the ability to produce cannot be shown...(where)