Laba
Short Answer.
Section 1:
1. What is the fundamental economic problem?
2. What are the three basic economic question all societies must face?
Section 2:
3. What is the relationship btwn scarcity, value, utility and wealth?
4. What relationships are demonstrated through the circular flow of economic activity?
Section 3:
5. Give an example of how trade-offs and opportunity cost are related.
6. What are some decision-making strategies?
True/False
Indicate whether the statement is true or false. If false, correct the statement.
____ 7. When manufactured goods are used to produce other goods and services, they are called capital goods.
____ 8. A nondurable good lasts for less than five years when used on a regular basis.
____ 9. Economic growth occurs when a nation's total output of goods and services increases over time.
____ 10. In economics, land refers to the natural resources needed for production, such as forests, minerals, and climate.
____ 11. The four factors of production are land, capital, labor, and financing.
____ 12. Economics is a social science because it deals with how people behave while trying to satisfy their needs and wants through use of relatively scarce resources.
____ 13. Division of labor increases efficiency because it allows workers to master many aspects of their jobs.
____ 14. Economic interdependence limits a nation's growth and usually reduces the efficiency of production.
Multiple Choice
Identify the choice that best completes the statement or answers the question.
____ 15. The dollar value of all final goods and services and the most comprehensive measure of a country's total production output is
|a. |its standard of living. |c. |a cost-benefit analysis. |
|b. |financial capital. |d. |Gross Domestic Product (GDP). |
Section 1:
1. What is the fundamental economic problem?
2. What are the three basic economic question all societies must face?
Section 2:
3. What is the relationship btwn scarcity, value, utility and wealth?
4. What relationships are demonstrated through the circular flow of economic activity?
Section 3:
5. Give an example of how trade-offs and opportunity cost are related.
6. What are some decision-making strategies?
True/False
Indicate whether the statement is true or false. If false, correct the statement.
____ 7. When manufactured goods are used to produce other goods and services, they are called capital goods.
____ 8. A nondurable good lasts for less than five years when used on a regular basis.
____ 9. Economic growth occurs when a nation's total output of goods and services increases over time.
____ 10. In economics, land refers to the natural resources needed for production, such as forests, minerals, and climate.
____ 11. The four factors of production are land, capital, labor, and financing.
____ 12. Economics is a social science because it deals with how people behave while trying to satisfy their needs and wants through use of relatively scarce resources.
____ 13. Division of labor increases efficiency because it allows workers to master many aspects of their jobs.
____ 14. Economic interdependence limits a nation's growth and usually reduces the efficiency of production.
Multiple Choice
Identify the choice that best completes the statement or answers the question.
____ 15. The dollar value of all final goods and services and the most comprehensive measure of a country's total production output is
|a. |its standard of living. |c. |a cost-benefit analysis. |
|b. |financial capital. |d. |Gross Domestic Product (GDP). |