Summarize. Economists use the term . Explain the difference between goods and services. C 7. Academic year. 2, 3, 5, 12, 14; II. why every decision involves trade-offs. Guns or Butter? Key Terms and Concepts Directions: Match the terms with the descriptions. Our online opportunity cost trivia quizzes can be adapted to suit your requirements for taking some of the top opportunity cost quizzes. Economics Ch. 3. Chapter 1 Section Main Menu 1. 1. Section 1: Guided Reading and Review Scarcity and the Factors of Production A. guns or butter . Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or butter. In Graph III there are decreasing costs of production. C 8. One gun takes 6 units of labor to produce and 1 butter takes 2 units of labor to produce. Answer Key to Practice Problems From Hurley’s A Concise Introduction to Logic: Chapter 1, section 1.1 Exercise 1.1 (pp. how people make decisions by thinking at the margin. ECON 500 – Spring 2004. Scarcity. 2. 2. 1 Econ Ch 1+2 Practice Test Answer Section MULTIPLE CHOICE 1. butter. 1. 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. 2016/2017 The PPF separates two regions: an attainable region, which consists of the ... n ANSWERS TO Assignments for mastering KEY IDEAS Assignment 2.1 Answers. 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. Guns or Butter? What is the trade-off discussed with Alaska? Inspired by hunter President Teddy Roosevelt, Americans coveted the teddy bear in 1906. P: The good, according to Plato, is that which furthers a person's real interests. But we want to find out, not how much 100 guns cost in terms of foregone butter, but how much 1 gun costs. 2. Explain why scarcity exists in this economy. It is impossible to answer this question without knowing which good would be plotted on the vertical axis. lucas tonton. D 6. … 1 G = 1 B. 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. Key Takeaways. Question 3 1 / 1 pts What does a production possibilities curve show? Thus, we must give up 1 pound of butter for each extra gun we produce. Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or butter. 2. Explain. B)could be a reward but could not be a penalty. 2. Explain why scarcity exists in this economy. Choice. C 3. 1 contains chapters on value and price, rent, wages, time-value and interest, enterprise and profit, and dynamic economic change. 3. Cabbage Patch dolls were big during the 1980s, as were Tickle Me Elmos in 1996. It will cover material from Chapter 1, section 1 – 2 and all of Chapter 2. Chapter 1 What is Economics? ANS: ... LOC: DISC: Scarcity, tradeoffs, and opportunity cost KEY… Guns, bullets, bread, and butter can be produced even under conditions of high unemployment. Chapter 1 - economics basics - questions and answers Practical question (Chapter 1 to 5) University. Guns or Butter. Concordia University. 3. In this article, we will look at these basic problems in detail. 2. ____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 trade-off: ... Chapter 1: Section 2Opportunity Cost. How could there be an increase in both “guns and butter” during WW2? When discussing guns vs. butter spending there are a few key economic concepts that are ... Chapter 23 Muscle Shoals, Chapter … 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 Textbook: Chapter 1:2, D 2. 2. Course. It will be multiple choice and free-response. Everyone’s goal is to make choices that maximize their satisfaction. The ... c. Constant at 1/2 lbs. ANSWER KEY - HOMEWORK#1 I. Exam #1 – Answer Key. C 10. 38. A comprehensive database of opportunity cost quizzes online, test your knowledge with opportunity cost quiz questions. Due to scarcity, choices must be made. Everyone acts in their own “self-interest.” 4. B. choose from limited resources to meet their needs. This central problem is further broken down into four basic problems of an economy. Section 1-4 . 1. - Since all goods and services are limited, these trade-offs are unavoidable. C: In any given case when the good is known, men will seek it. 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). Key Terms. If there is a central economic problem that is present across all countries, without any exception, then it is the problem of scarcity. 1. Since resources are scarce (as we discussed in section 1), then the goods and services produced by them must also be scarce. Statement 1. Also explore over 4 similar quizzes in this category. 50 60 when consumers want more of an item than producers will offer at a particular price 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. Write the letter of the correct answer in the blank provided, Not all of the choices will be used, 1. By 1999 Game Boy’s Pokémon was the rage with a 10-cent trading card. 1 & 2 Test The test will be on Monday 2/12. 2. a. Item Why? Society’s wants are unlimited, but ALL resources are limited (scarcity). Every choice has a cost (a trade-off). Identify the letter of the choice that best completes the statement or answers the question. 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 You may use a 3x5 card for notes (both sides). The company you manage has already invested $400,000 in developing a new product, but the development is not quite finished. the concept of opportunity cost. The answer can be found in Chapter 1, Section 1.2, Scarcity: Limited Resources but Unlimited Wants. Volume 1 of Fetter’s 2 volume survey of economics written while he was a professor at Princeton University. One gun takes 6 units of labor to produce and 1 butter takes 2 units of labor to produce. Scarcity always exists. We witness scarcity with each year’s “hot” new toy. One gun takes 6 units of labor to produce and 1 butter takes 2 units of labor to produce. CHAPTER QUIZA Class Date Scarcity and the Factors of Production SECTION 1 A. 1)An incentive A)is the opposite of a tradeoff. Multiple Choice 1. 1) Making use of resources, as we’ll see, is one of the key human traits driving history. Chapters 1-2 & 4-6 Duke Unit I “The Principles of Economics” Chapter 1 Explain the difference between a need and a want. C 5. C)could be either a reward or a penalty. B 9. 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. To find this simply divide both sides of the above equation by 100 to get: 2. 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. Describe. Use the data as evidence of your reasoning. Multiple . IDENTIFYING MAIN IDEAS Write the letter of the correct answer in the blank provided. Scarcity - Find three things in our society that are scarce, and explain why scarcity applies to each item. Use the data as evidence of your reasoning. 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. - This means that individuals and societies must constantly choose one good or service over another; this is call a trade-off. 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. Answer keys are available to faculty who adopt Waymaker, OHM, or Candela courses with paid support from Lumen Learning. B 4. Choose the one alternative that best completes the statement or answers the question. Explain why scarcity exists in this economy. D II. 1. Introduction to Microeconomics (ECON 201) Uploaded by. 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). Two goods are _____ if they are consumed together. Analytical Problems 1. 3. Chapter 1. Vol. Objectives. The guns-and-butter curve postulates that you can only gain something if something else is given in return. People must make choices to satisfy their needs and wants. 3. What is the trade-off for worker’s safety? Test bank MULTIPLE CHOICE. (10 points each) ____ 1. 7-13): I. Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or butter. A(n) _____ is something for which the demand remains unchanged as income rises or falls. Did You Know? D)could be a penalty but could not be a reward. Economics is the study of how people A. calculate their income tax. For additional practice, visit this book's Online Learning Center at glencoe.com. Guns or Butter? 2 I. (D) People will buy less butter at $1.50 per pound than they will at $1 per pound. Use the data as evidence of your reasoning. Try this amazing Chapter 1 Section 2 Quiz (Opportunity Cost) quiz which has been attempted 2247 times by avid quiz takers. The assignments in this course are openly licensed, and are available as-is, or can be modified to suit your students’ needs. ( n ) _____ is something for which chapter 1 section 1: scarcity guns or butter answer key demand remains unchanged income. 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