1.How are capital resources used in production?
1point: they provide tools that make production more efficient
2.Which phrase, best defines scarcity?
1point: a state in which human wants are greater than the resources available to feel those wants.
3. Which of these is the most likely opportunity cost of choosing to play a board game rather than going to the movies?
1point: being able to see a new movie
4. Kevin decides to go straight to work after high school instead of going to college. What is the most likely long-term consequence of his decision?
1point: making less money
5. which of the following is one basic economic questions?
1point: for whom to produce
6. what would an economist expect if the negative incentives for bad behavior in a school become stricter?
1point: students would be less likely to break the rules, because punishments have become worse.
7. how does free trade affect the United States? Select all that apply.
2points: lower prices,
increased consumer choice
8. which of these would most likely be a feature of a free trade agreement?
1point: removing tariffs from imported goods
100%
This is 100% correct answers
1. Capital resources are used in production by providing tools, equipment, and machinery that help make the production process more efficient. These resources can include things like factories, vehicles, computers, and other physical assets that aid in the production of goods and services. By having access to these capital resources, businesses can increase their productivity and output.
2. Scarcity is a state in which human wants or needs are greater than the resources available to fulfill those wants. It is a fundamental economic problem that arises from the limited availability of resources in relation to unlimited human wants. Scarcity forces individuals, businesses, and governments to make choices about how to allocate resources efficiently and effectively.
3. The most likely opportunity cost of choosing to play a board game rather than going to the movies is the ability to see a new movie. By opting to play a board game, one is forgoing the opportunity to experience a new movie. This is an example of the concept of opportunity cost, which refers to the value of the next best alternative that is forgone when a choice is made.
4. The most likely long-term consequence of Kevin's decision to go straight to work after high school instead of going to college is making less money. Without a college degree, Kevin may have limited job opportunities and may not be able to access higher-paying positions that require higher levels of education. Generally, individuals with higher levels of education tend to earn more income over their lifetime compared to those with lower levels of education.
5. One basic economic question is "for whom to produce." This question relates to the distribution of goods and services among different individuals or groups in society. It involves deciding how resources should be allocated and who should benefit from the production process. Determining for whom to produce helps address issues of income distribution and social equity.
6. If the negative incentives for bad behavior in a school become stricter, an economist would expect that students would be less likely to break the rules because punishments have become worse. Negative incentives, such as punishments or penalties, are designed to discourage certain behaviors. By making the consequences more severe, it is expected that individuals would be less inclined to engage in those behaviors due to the potential costs or negative outcomes associated with them.
7a. Free trade can lead to lower prices because it allows for increased competition, which can drive down the prices of goods and services. When countries engage in free trade, they can access a wider range of competitive products from other countries, potentially resulting in lower prices for consumers.
7b. Free trade also increases consumer choice. By removing trade barriers, such as tariffs or quotas, consumers have access to a broader array of products and can choose from a larger variety of options. This increases consumer choice and can lead to greater customer satisfaction.
8. A feature of a free trade agreement would most likely be the removal of tariffs from imported goods. Tariffs are taxes or duties imposed on imported goods, which can increase their prices and make them less competitive in the domestic market. Free trade agreements often involve the reduction or elimination of these tariffs to facilitate trade between countries and promote the flow of goods and services across borders.
Great job! You scored 100% on the questions. Here are the correct answers and explanations:
1. How are capital resources used in production?
- Capital resources, such as tools and machinery, are used in production to make the process more efficient. They help to increase productivity and output.
2. Which phrase best defines scarcity?
- Scarcity refers to a state in which human wants are greater than the resources available to fulfill those wants. It means that there are limited resources relative to unlimited wants and needs.
3. Which of these is the most likely opportunity cost of choosing to play a board game rather than going to the movies?
- The most likely opportunity cost of choosing to play a board game instead of going to the movies would be the ability to see a new movie. The opportunity cost is the forgone benefit or alternative that is given up when making a choice.
4. Kevin decides to go straight to work after high school instead of going to college. What is the most likely long-term consequence of his decision?
- The most likely long-term consequence of Kevin's decision to not go to college and go straight to work would be making less money. On average, individuals with higher education tend to earn higher incomes than those with only a high school diploma.
5. Which of the following is one basic economic question?
- One basic economic question is "for whom to produce?" This question addresses the distribution of goods and services among different individuals, groups, or society as a whole.
6. What would an economist expect if the negative incentives for bad behavior in a school become stricter?
- If the negative incentives for bad behavior in a school become stricter, economists would expect that students would be less likely to break the rules because the punishments have become worse. Stricter negative incentives can act as deterrents and discourage undesirable behavior.
7. How does free trade affect the United States? Select all that apply.
- Free trade can affect the United States in the following ways:
- Lower prices: Free trade promotes competition and allows consumers to access a wider variety of goods at lower prices due to increased efficiency and market competition.
- Increased consumer choice: Free trade allows consumers to choose from a larger range of products and services from both domestic and international markets.
8. Which of these would most likely be a feature of a free trade agreement?
- Removing tariffs from imported goods would most likely be a feature of a free trade agreement. A tariff is a tax imposed on imported goods, and one of the key objectives of free trade agreements is to reduce or eliminate tariffs to promote international trade.