Unit 4 Micro CSA #1 -A

Last updated 4 months ago

20 questions

Required

1

BM2.3

HS.E2.1

2

BM2.3

HS.E2.1

Required

1

BM2.3

HS.E2.1

Required

1

BM2.3

Required

1

BM2.3

Required

1

BM2.3

Required

1

BM2.3

Required

1

Required

1

Required

1

Required

1

Required

1

BM2.6

Required

1

BM2.6

The baker arrives early in the morning at the bakery shop in the center of town.  He begins to prep by getting out the flour and eggs to make dough.  Once the dough is mixed he has his assistant pour the mix into the doughnut pan and place it in the oven.  Shortly after the doughnuts are finished Betty, the bakery owner, arrives to taste test items before the store opens for the day.

Required

0.5

Other Answer Choices:

Oven

Betty

Pour

Flour

Baker

Land

Eggs

Capital

Mixed

Doughnut Pan

Labor

Entreprenuer

BM2.3

HS.E2.1

Required

0.5

Other Answer Choices:

Mixed

Flour

Product

Labor

Service

Eggs

Betty

Baker

Capital

Doughnut Pan

Oven

Land

Pour

Entreprenuer

BM2.3

HS.E2.1

Required

0.5

Other Answer Choices:

Land

Service

Flour

Betty

Product

Labor

Capital

Eggs

Oven

Doughnut Pan

Entreprenuer

Baker

Mixed

Pour

BM2.3

HS.E2.1

Required

0.5

Other Answer Choices:

Product

Betty

Mixed

Pour

Service

Baker

Land

Flour

Capital

Labor

Eggs

Oven

Doughnut Pan

Entreprenuer

BM2.3

HS.E2.1

What is the opportunity cost of a decision?

the different ways that a different person might have made the decision

the series of alternative decisions that could have been made

the most desirable alternative given up for the decision

What is an example of something that is scarce ________________.  How do we know that it is scare ____________ _______________ __________________ 

Other Answer Choices:

toxic waste

multiple uses

single use

undesireable

clean water

air

unlimited

water

desireable

limited

Scenario: You own a successful clothing company and want to open a new store in either New York City or Los Angeles. If you choose New York City, what is the opportunity cost?

The loss of potential profit/customers in Los Angeles

The cost of renting the storefront in New York

The access to international customers on an online store-front

What is scarcity?

we have unlimited wants but limited resources

we have unlimited wants and unlimited resources

we have limited wants but unlimited resources

Why are resources considered limited?

Everyone has them, and they change.

There are not enough available for everyone to have as much of them as desired.

There are so many that people must decide which ones to choose at any one time.

The resources used to make all goods and services are the

opportunity costs.

production trade-offs.

factors of production.

How are trade-offs and opportunity costs different?

The opportunity cost is the most desirable trade-off.

A trade-off is the most expensive opportunity cost.

A trade-off can be put on a decision-making grid, but an opportunity cost cannot.

What are the three economic questions?

What produced, How much produced & for Who to consume

What produced, How produced, & Who should produce it

What produced, How produced, & for Who to consume

Individuals and businesses own the means of production and distribution with limited government regulation in a __________ economy.

market

communist/command

traditional

In a command economy, who decides how the economic questions will be answered?

Individuals

Businesses

Government

Government owns the basic means of production, but there is some private ownership of businesses under

entrepreneurship.

socialism (heavy left)

capitalism.

If the marginal cost of producing one more unit is $5 and the marginal benefit is $8, what should the firm do?

stop production immediately

produce the additional unit

ignore marginal analysis

A diner has already eaten three slices. They consider buying a fourth slice for $4.
Marginal Benefit: Slight satisfaction, but they’re already full.
Marginal Cost: $4 payment and possible discomfort from overeating.
What principle applies here?

Marginal cost exceeds marginal benefit, so don’t buy

Opportunity cost doesn’t matter in food decisions

Average cost principle supports buying more

The baker arrives early in the morning at the bakery shop in the center of town.  He begins to prep by getting out the flour and eggs to make dough.  Once the dough is mixed he has his assistant pour the mix into the doughnut pan and place it in the oven.  Shortly after the doughnuts are finished Betty, the bakery owner, arrives to taste test items before the store opens for the day.

What is one of the factors of production
_________ what is an example from the text for this factor of production _________ 

Other Answer Choices:

Oven

Betty

Pour

Flour

Baker

Land

Eggs

Capital

Mixed

Doughnut Pan

Labor

Entreprenuer

What is a second factor of production __________what is an example from the text for this factor of production_________ 

Other Answer Choices:

Mixed

Flour

Product

Labor

Service

Eggs

Betty

Baker

Capital

Doughnut Pan

Oven

Land

Pour

Entreprenuer

What is a Third factor of production ____________ what is an example from the text for this factor of production_________________ 

Other Answer Choices:

Land

Service

Flour

Betty

Product

Labor

Capital

Eggs

Oven

Doughnut Pan

Entreprenuer

Baker

Mixed

Pour

What is a Fourth factor of production _________________what is an example from the text for this factor of production__________ 

Other Answer Choices:

Product

Betty

Mixed

Pour

Service

Baker

Land

Flour

Capital

Labor

Eggs

Oven

Doughnut Pan

Entreprenuer

What is the opportunity cost of a decision?

the different ways that a different person might have made the decision

the series of alternative decisions that could have been made

the most desirable alternative given up for the decision

What is an example of something that is scarce ________________.  How do we know that it is scare ____________ _______________ __________________ 

Scenario: You own a successful clothing company and want to open a new store in either New York City or Los Angeles. If you choose New York City, what is the opportunity cost?

The loss of potential profit/customers in Los Angeles

The cost of renting the storefront in New York

The access to international customers on an online store-front

What is scarcity?

we have unlimited wants but limited resources

we have unlimited wants and unlimited resources

we have limited wants but unlimited resources

Why are resources considered limited?

Everyone has them, and they change.

There are not enough available for everyone to have as much of them as desired.

There are so many that people must decide which ones to choose at any one time.

The resources used to make all goods and services are the

opportunity costs.

production trade-offs.

factors of production.

How are trade-offs and opportunity costs different?

The opportunity cost is the most desirable trade-off.

A trade-off is the most expensive opportunity cost.

A trade-off can be put on a decision-making grid, but an opportunity cost cannot.

What are the three economic questions?

What produced, How much produced & for Who to consume

What produced, How produced, & Who should produce it

What produced, How produced, & for Who to consume

Individuals and businesses own the means of production and distribution with limited government regulation in a __________ economy.

market

communist/command

traditional

In a command economy, who decides how the economic questions will be answered?

Individuals

Businesses

Government

Government owns the basic means of production, but there is some private ownership of businesses under

entrepreneurship.

socialism (heavy left)

capitalism.

If the marginal cost of producing one more unit is $5 and the marginal benefit is $8, what should the firm do?

stop production immediately

produce the additional unit

ignore marginal analysis

A diner has already eaten three slices. They consider buying a fourth slice for $4.
Marginal Benefit: Slight satisfaction, but they’re already full.
Marginal Cost: $4 payment and possible discomfort from overeating.
What principle applies here?

Marginal cost exceeds marginal benefit, so don’t buy

Opportunity cost doesn’t matter in food decisions

Average cost principle supports buying more

If production occurs at a point inside the PPC curve, what does this represent?

Efficient use of resources

Inefficient use of resources

Impossible production combination

If the PPC shifts outward, what does this indicate?

Economic growth or improved resources/technology

Inefficient resource allocation

A reduction in production capacity

If Point D lies outside the PPC curve, what does this mean?

It is attainable with current resources

It represents inefficiency

It is unattainable with current resources and technology

What is one of the factors of production
_________ what is an example from the text for this factor of production _________ 

What is a second factor of production __________what is an example from the text for this factor of production_________ 

What is a Third factor of production ____________ what is an example from the text for this factor of production_________________ 

What is a Fourth factor of production _________________what is an example from the text for this factor of production__________ 

If production occurs at a point inside the PPC curve, what does this represent?

Efficient use of resources

Inefficient use of resources

Impossible production combination

If the PPC shifts outward, what does this indicate?

Economic growth or improved resources/technology

Inefficient resource allocation

A reduction in production capacity

If Point D lies outside the PPC curve, what does this mean?

It is attainable with current resources

It represents inefficiency

It is unattainable with current resources and technology

Unit 4 Micro CSA #1 -A

Unit 4 Micro CSA #1 -A

What is the opportunity cost of a decision?

Scenario: You own a successful clothing company and want to open a new store in either New York City or Los Angeles. If you choose New York City, what is the opportunity cost?

What is scarcity?

Why are resources considered limited?

The resources used to make all goods and services are the

How are trade-offs and opportunity costs different?

What are the three economic questions?

Individuals and businesses own the means of production and distribution with limited government regulation in a __________ economy.

In a command economy, who decides how the economic questions will be answered?

Government owns the basic means of production, but there is some private ownership of businesses under

If the marginal cost of producing one more unit is $5 and the marginal benefit is $8, what should the firm do?

A diner has already eaten three slices. They consider buying a fourth slice for $4.Marginal Benefit: Slight satisfaction, but they’re already full.Marginal Cost: $4 payment and possible discomfort from overeating.What principle applies here?

If production occurs at a point inside the PPC curve, what does this represent?

If the PPC shifts outward, what does this indicate?

If Point D lies outside the PPC curve, what does this mean?

A diner has already eaten three slices. They consider buying a fourth slice for $4.
Marginal Benefit: Slight satisfaction, but they’re already full.
Marginal Cost: $4 payment and possible discomfort from overeating.
What principle applies here?