The PPF separates two regions: an attainable region, which consists of the ... n ANSWERS TO Assignments for mastering KEY IDEAS Assignment 2.1 Answers. A(n) _____ is something for which the demand remains unchanged as income rises or falls. (D) People will buy less butter at $1.50 per pound than they will at $1 per pound. Guns or Butter? ANSWER KEY - HOMEWORK#1 I. CHAPTER QUIZA Class Date Scarcity and the Factors of Production SECTION 1 A. Concordia University. 1 contains chapters on value and price, rent, wages, time-value and interest, enterprise and profit, and dynamic economic change. IDENTIFYING MAIN IDEAS Write the letter of the correct answer in the blank provided. butter. Explain. D 2. … 3. Key Terms. 2. P: The good, according to Plato, is that which furthers a person's real interests. It will be multiple choice and free-response. Choice. 3. ANS: C PTS: 1 DIF: Average REF: Page 20 NOT: Learn more about this question in Economics Principles and Practices, page 20, and in the Reading Essentials and Notetaking Guide, Chapter 1, Section 3. But we want to find out, not how much 100 guns cost in terms of foregone butter, but how much 1 gun costs. Objectives. 50 60 when consumers want more of an item than producers will offer at a particular price Textbook: Chapter 1:2, Chapter 1 - economics basics - questions and answers Practical question (Chapter 1 to 5) University. Try this amazing Chapter 1 Section 2 Quiz (Opportunity Cost) quiz which has been attempted 2247 times by avid quiz takers. Test bank MULTIPLE CHOICE. Everyone acts in their own “self-interest.” 4. 1. 2, 3, 5, 12, 14; II. Did You Know? In this article, we will look at these basic problems in detail. Economics U.S.A. Video – Scarcity and PPC natural beauty versus minerals and gasoline We weren’t maximizing the resources in the 30’s because B 4. why every decision involves trade-offs. Chapters 1-2 & 4-6 Duke Unit I “The Principles of Economics” Chapter 1 Explain the difference between a need and a want. Thus, we must give up 1 pound of butter for each extra gun we produce. It will cover material from Chapter 1, section 1 – 2 and all of Chapter 2. 38. Active Themes Human history arguably began approximately 50,000 years ago with the “Great Leap”: the development of complex tools, such as needles, awls, etc., as well as the construction of large houses and buildings and the creation of art (cave paintings). D)could be a penalty but could not be a reward. 1 & 2 Test The test will be on Monday 2/12. Economists use the term . 2 I. How could there be an increase in both “guns and butter” during WW2? Guns or Butter. 2. lucas tonton. The branch of economics that focuses on how behavior affects outcomes in highly aggregated markets, such as the markets for labor or consumer products, is called (A) normative economics. Economics is the study of how people A. calculate their income tax. A comprehensive database of opportunity cost quizzes online, test your knowledge with opportunity cost quiz questions. It is impossible to answer this question without knowing which good would be plotted on the vertical axis. C 7. One gun takes 6 units of labor to produce and 1 butter takes 2 units of labor to produce. 2. Explain why scarcity exists in this economy. Explain the difference between goods and services. Key Terms •trade-off: the alternatives that we give up when we choose one course of action over another •“guns or butter”: a phrase expressing the idea that a country that decides to produce more military goods (“guns”) has fewer resources to produce consumer goods (“butter”) and vice versa D II. Section 1: Guided Reading and Review Scarcity and the Factors of Production A. 1. Chapter 1 Section Main Menu 1. 1 G = 1 B. This central problem is further broken down into four basic problems of an economy. Multiple Choice 1. Due to scarcity, choices must be made. The company you manage has already invested $400,000 in developing a new product, but the development is not quite finished. CHAPTER 4, SECTION 2 QUIZ Sentence Completion For questions 1–5, write the word or phrase that best completes each sentence on the line provided. Choose the one alternative that best completes the statement or answers the question. Guns, bullets, bread, and butter can be produced even under conditions of high unemployment. Describe. C: In any given case when the good is known, men will seek it. D 6. 7-13): I. 2. Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or butter. When discussing guns vs. butter spending there are a few key economic concepts that are ... Chapter 23 Muscle Shoals, Chapter … Key Takeaways. The answer can be found in Chapter 1, Section 1.2, Scarcity: Limited Resources but Unlimited Wants. 3. Guns or Butter? C 8. 2. Two goods are _____ if they are consumed together. Every choice has a cost (a trade-off). Inspired by hunter President Teddy Roosevelt, Americans coveted the teddy bear in 1906. To move from B to C to D, the economy has to give up decreasing numbers of planes to get the same amount of butter. What is the trade-off for worker’s safety? a. ECON 500 – Spring 2004. Economics Ch. Item Why? - This means that individuals and societies must constantly choose one good or service over another; this is call a trade-off. Explain why scarcity exists in this economy. Scarcity. Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or butter. C 10. B 9. Exam #1 – Answer Key. 1)An incentive A)is the opposite of a tradeoff. Scarcity always exists. 2. 3. Consider the following combinations of guns and butter that can be produced: 0 guns, 20,000 ... opportunity costs, productive inefficiency, and the four discussed in this section: 1. The assignments in this course are openly licensed, and are available as-is, or can be modified to suit your students’ needs. guns or butter . We witness scarcity with each year’s “hot” new toy. the concept of opportunity cost. Academic year. B)could be a reward but could not be a penalty. One gun takes 6 units of labor to produce and 1 butter takes 2 units of labor to produce. Chapter 1. 1. Opportunity Cost of: 1 Car (in terms of tons of grain given up) 1 Ton of Grain (in terms of cars given up) U.S. 2 1/2 2/5 Japan 1 1/4 4/5 d. Neither country has an absolute advantage in producing cars, since they're equally productive (the same output per worker); the United States has an absolute advantage in producing grain, since it is more productive (greater output per worker). Vol. One gun takes 6 units of labor to produce and 1 butter takes 2 units of labor to produce. The guns-and-butter curve postulates that you can only gain something if something else is given in return. Chapter 1 What is Economics? Use the data as evidence of your reasoning. Scarcity - Find three things in our society that are scarce, and explain why scarcity applies to each item. C 5. Use the data as evidence of your reasoning. By 1999 Game Boy’s Pokémon was the rage with a 10-cent trading card. You may use a 3x5 card for notes (both sides). B. choose from limited resources to meet their needs. trade-off: ... Chapter 1: Section 2Opportunity Cost. Analytical Problems 1. 2. Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or butter. The ... c. Constant at 1/2 lbs. Key Terms and Concepts Directions: Match the terms with the descriptions. At a recent meeting, your salesperson reports that the introduction of competing products has reduced the expected sales of your new product to $250,000. 1) ____1.Any resources that are made by humans and used to create other goods and services are called ____2.An example of a shortage is limited amounts of ____3.The resources used to make all goods and services are the 1. Course. (10 points each) ____ 1. For additional practice, visit this book's Online Learning Center at glencoe.com. ANS: ... LOC: DISC: Scarcity, tradeoffs, and opportunity cost KEY… Multiple . Statement 1. People must make choices to satisfy their needs and wants. Since resources are scarce (as we discussed in section 1), then the goods and services produced by them must also be scarce. If there is a central economic problem that is present across all countries, without any exception, then it is the problem of scarcity. Guns or Butter? Also explore over 4 similar quizzes in this category. 3. Volume 1 of Fetter’s 2 volume survey of economics written while he was a professor at Princeton University. Section 1-4 . Introduction to Microeconomics (ECON 201) Uploaded by. chapter_1_section_2_opportunity_costs.pdf I will fill out the questions on my review sheet completely on standards I am not proficient in based on reading the power-points. Answer Key to Practice Problems From Hurley’s A Concise Introduction to Logic: Chapter 1, section 1.1 Exercise 1.1 (pp. As You Read As you read Section 1, supply in the space provided an explanation an economist might give showing why each statement is true. how people make decisions by thinking at the margin. Explain why scarcity exists in this economy. Our online opportunity cost trivia quizzes can be adapted to suit your requirements for taking some of the top opportunity cost quizzes. In Graph III there are decreasing costs of production. - Since all goods and services are limited, these trade-offs are unavoidable. Write the letter of the correct answer in the blank provided, Not all of the choices will be used, 1. Cabbage Patch dolls were big during the 1980s, as were Tickle Me Elmos in 1996. 1 Econ Ch 1+2 Practice Test Answer Section MULTIPLE CHOICE 1. Identify the letter of the choice that best completes the statement or answers the question. Everyone’s goal is to make choices that maximize their satisfaction. Answer keys are available to faculty who adopt Waymaker, OHM, or Candela courses with paid support from Lumen Learning. Society’s wants are unlimited, but ALL resources are limited (scarcity). 2. 2016/2017 Making use of resources, as we’ll see, is one of the key human traits driving history. 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