MP3 9 Weeks Econ

What is a primary cause of economic scarcity?

• Resources are limited while human wants are unlimited.

• People need to work to earn a living.

• Governments require taxes for public services.

• Innovation requires taking financial risks.

What is one effect of limited resources on global relations?

• It leads to the creation of international tax agreements.

• It encourages countries to engage in trade with each other.

• It reduces the necessity for technological advancements.

• It diminishes the importance of peaceful cooperation among nations.

What is the term for a company's capability to produce a product at a lower opportunity cost compared to another company?

• Trade deficit

• Absolute advantage

• Structural barrier

• Comparative advantage

Which of the following is considered a primary factor of production alongside labor, natural resources, and capital?

• Market trends

• Entrepreneurship

• Innovation

• Trade policies

Due to limited resources, individuals and societies must prioritize their needs and wants. What is this economic challenge called?

• Deflation increases savings.

• Scarcity forces prioritization.

• Inflation reduces debt.

• Abundance eliminates choices.

Which TWO statements are most associated with the reliance on foreign oil? Choose TWO answers.

• Japan's lack of natural resources forces it to seek energy sources abroad.

• Australia's population distribution is influenced by its vast desert areas.

• The United States incorporates plant-based materials in its fuel production.

• Ghana's economy heavily relies on gold exports.

Tom and his friends start working at a local restaurant, earning money they didn't have before. What is the most likely impact on the circular-flow model?

• Business investments would decrease.

• Household spending on goods would increase.

• Household savings would decrease.

• Labor supply would decrease.

Which of the following is a non-price factor that could lead to a decrease in the supply of corn?

• Advancements in agricultural technology that boost corn production.

• Severe flooding in major corn-producing regions.

• An increase in the price of corn-based products.

What factor is most likely responsible for the shift shown in this table according to the law of supply?

• The demand for pencils decreased between 2008 and 2011.

• Labor costs for producing pencils increased between 2008 and 2011.

• The price of wood, a key material for pencils, increased between 2008 and 2011.

• Government regulations on pencil production were relaxed between 2008 and 2011.

What are TWO factors that can lead to a shift in the demand curve? Select TWO options.

• Changes in consumer preferences

• Technological advancements

• Changes in the prices of related goods

• Natural disasters