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- Multiple ChoicePlease save your changes before editing any questions.Why are most countries better off specializing in the production of particular goods, and then trading with other nations to obtain whatever else they need?Transportation costs are lower than they were a century ago.Resources are not evenly distributed among countries.Greater investment of capital goods increases productivity.People have limited resources to satisfy unlimited wants.
- Multiple ChoicePlease save your changes before editing any questions.Read the following two statements:
1. Nation A produces cars more efficiently than it can grow food crops.
2. Nation A produces cars and buys food from Nation B.
What principle of economics is illustrated by these two statements?Laws of Supply and DemandScarcityThe Factors of ProductionSpecialization - Multiple ChoicePlease save your changes before editing any questions.
When an individual specializes to produce one good, and then acquires additional desired goods from other specialists,
both parties gain as a result of voluntary exchange.
both parties gain as a result of fraudulent exchange.
neither party gains as specialization decreases efficiency.
neither party gains as specialization decreases productivity.
- Multiple ChoicePlease save your changes before editing any questions.
Kathy, Sue, and Christina own a bakery. Each day all three women spend hours baking cakes, decorating cakes, and packaging cakes. Which economic concept would help them become more efficient?
Scarcity
Productivity
Specialization
Interdependence
- Multiple ChoicePlease save your changes before editing any questions.
If two people are packing and delivering food, what is the most efficient way to do the job?
Both people pack and deliver as a team.
One person packs all the orders and the other delivers them.
One person packs on Monday while the other delivers and then they switch jobs.
One person packs half and delivers them; then the other packs the other half and delivers them.
- Multiple ChoicePlease save your changes before editing any questions.
Joseph is a teacher. He also enjoys working on automobiles. Recently, Joseph has been so busy at his teaching job that he has had no time to work on his car. He decided to pay his friend, Larry, to do some vehicle maintenance for him.
What is this type of economic transaction known as?
Specialization
Interdependence
Marginal Analysis
Voluntary Exchange
- Multiple ChoicePlease save your changes before editing any questions.
____ is the study of the way a place uses its money, goods, and services.
buyer
seller
economics
exchange
- Multiple ChoicePlease save your changes before editing any questions.
What are services?
items such as food, books, and video games
paper bills and coins
something useful that people do for others
items such as food, shelter, and water
- Multiple ChoicePlease save your changes before editing any questions.
What are services?
items such as food, books, and video games
paper bills and coins
something useful that people do for others
items such as food, shelter, and water
- Multiple ChoicePlease save your changes before editing any questions.
What is a market?
any situation where people exchange goods and services
a physical place, such as Coles supermarket, where goods are purchased
an informal collection of stalls selling crafts, food products and souvenirs
where stocks and shares are traded
- Multiple ChoicePlease save your changes before editing any questions.
Money flows to workers (households) in the form of wages, and money flows back to firms (sellers or producers) in exchange for products is a description of
The circular flow model
The economic problem
An opportunity cost
A value proposition canvas