Economics Unit 1 Study Game

Front

What is a limitation of using graphs to show the relationship between hours studied and test scores?

Back

omit factors other than those being graphed.

Front

Which of the following is an example of making a marginal decision? Lisa is considering whether to work an extra hour for additional pay.

Back

Lisa is considering whether to work an extra hour for additional pay.

Front

What are the factors of production?

Back

land, labor, and capital

Front

Which type of economic resource are sunlight and wind classified as?

Back

land

Front

Which of the following best represents a way to measure output efficiency? total hours worked, tons of steel produced per worker, amount spent on raw materials, number of factories built

Back

tons of steel produced per worker

Front

Why are tradeoffs necessary?

Back

Resources are limited.

Front

Which example best demonstrates the concept of diminishing marginal utility? A person enjoys their first slice of pizza more than their fourth slice.

Back

A person enjoys their first slice of pizza more than their fourth slice.

Front

The three fundamental economic questions are what to produce, ______________, and for whom.

Back

how

Front

Which of these economic goals is most important in a traditional economy? growth, stability, freedom, efficiency

Back

stability

Front

Why are economies most efficient when they have full employment?

Back

No productive resources are left unused.