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Starting with Production Possibility Curve BB, which change in the graph would best show the effect of a shift in resources from the production of capital goods to the production of consumer goods
The curve would move to CC
The curve would move to BD
The curve would move to AA
Production would move to point Y
None of the above
Weston purchases a new car from a Toyota dealer, in the Circular Flow Diagram, Toyota would be an example of:
a household participating in the resource market
a household participating in the product market
a government participating in the product market
a business participating in the resource market
a business participating the product market
What graphically shows the opportunity cost of producing one more unit of one good in terms of the amount of the other good that must be given up?
Production Possibilities Curve
According to economics, which of the following could be your opportunity cost of taking this Quizizz?
Working on an assignment for another class
The benefit of reviewing for the test
All activities you could choose to do instead
The money taxpayers spent on your education
All of the above
Which of the following countries would be the best example of a command economy?
Which of these is considered "land" in economics?
a farmers field
wind used to generate power
Worms used to decompose a compost pile
an agent who sells a house
a tractor that pulls a plow
Mr. White paid $2 to park near MCV hospital. The lot where he parked had lots of empty spaces available to purchase. Which of the following statements would an economist agree with
Because there were unused parking spots still available, the parking was not scarce
The decision to park near MCV involved a tradeoff
Mr. White believed that paying for the parking spot was in his own best interest
The opportunity cost of this decision was whatever Mr. White would have done with the $2, had he not parked there
Most American households receive income from selling which resource?
"Congress Passes Bill to Increase Duration of Unemployment Benefits During Great Recession"
What government action does the bill in headline exemlify?
Redistribution of Income
Resolution of market failures
Protection of Property Rights
Provision of public goods and services
In 2008 the United States governnent loaned money to companies in the automobile industry.
This is an example of which of the following?
market economic system
What would be considered a consequence for consumers if the government reduces industry restrictions?
Reduction of competition
Which of the following will result in an increase in producttivity?
Gaining access to more inputs
Working more hours to produce more
Producing mroe using fewer inputs
Producing less using the same amount of inputs
Which scenario would cause a positive shift in the production possiblities curve?
A company that hires 100 new workers
A company that has been affected by a tropical storm
A company that invests in job training for its workers
A company that has opend its doors for the first time to consumers
In Canada and the United States, Labor Day is celebrated on the first Monday of __________.
Which date was the first Labor Day? (Happened in New York City)
Sept. 1, 1882
Sept. 5, 1882
Sept. 3, 1882
Sept. 4, 1886
Who is the founder of Labor Day?
President Grover Cleveland & Leslie Smith
President Grover Cleveland & Peter J. McGuire
Jesse Von Weimer & Matthew Maguire
Peter J. McGuire & Matthew Maguire
In 1887 what state became the first state of the United States to make Labor Day an official public holiday?
By the time it became an official federal holiday in 1894, how many U.S. states already officially celebrated Labor Day?
Why do we celebrate Labor Day?
to honor workers and recognize their contributions to society
Celebrate the birth of a child
to honor m&m's
to honor veterans
In 1894 after the Pullman Strike in Illinois, as well as a series of unemployed workers's riots in May Day in Cleveland prompted what U.S. President to propose a bill that would make Labor Day a national public holiday?
John F. Kennedy
Over the years, in the United Sates, the significance of Labor Day in the United States changed, what did it become a time for:
Family get together's
Andy works for Mama's Pizza restaurant. He delivers pizzas on the weekend. Andy does not work during the week; however, he orders pizza from the restaurant each Monday when he is home alone. His work colleague, Ted, delivers the pizzas on Mondays.
Which describes the difference between Andy’s factor market and product market transactions?
Andy acts as a firm in the product market when he sells his labor, while he acts as a household in the factor market when he buys the good of pizza
Andy acts as a firm in the product market when he sells pizza to customers, while he acts as a household in the factor market when he buys the good of pizza
Andy acts as a firm in the product market when he buys the labor of Ted who delivers pizza to him, and also acts as a firm in the factor market when he sells the good of pizza to customers.
Andy acts as a household in the product market when he buys the good of pizza from the restaurant, and also acts a household in the factor market when he sells his labor to the restaurant on the weekends.
Which letter represents the part of the circular flow diagram where personal income would be located?
Which of the following is the BEST example of a product market transaction?
Cindy provides labor at her part-time job at a grocery store bakery.
Cindy gets ingredients at the grocery store to make cookies for her family.
Cindy gives her manager cookies as a thank you for giving her time off for a family vacation.
Cindy gets ingredients at the grocery store to make cookies for her home-based catering business.
Which TWO situations could economists illustrate as a factor market transaction on a pure market circular flow diagram?
A student receives wages for working as a line cook at a fast-food restaurant
A mother puts part of her income into a college savings account for her son.
A patient uses health insurance to pay for long-term hospitalization.
A teacher receives wages for his or her job at a public school.
A man rents his land to an oil company
What should Arrow A be labeled?