AnswersEAP-Economics and Personal Finance BUnit Test

Unit Test — Unit test Answers

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production possibility curveproduction supply curveproduction opportunity curve

A
production possibility curve
B
production supply curve
C
production opportunity curve
22
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A thrifty shopper wants to purchase a new phone that is made with quality parts. What factors should they consider?

A
High quality phones contain rare earth metals that are a less scarce resource and cost less to the consumer.
B
High quality phones contain rare earth metals that are a less scarce resource and cost more to the consumer.
C
High quality phones contain rare earth metals that are a more scarce resource and cost more to the consumer.
D
High quality phones contain rare earth metals that are a more scarce resource and cost less to the consumer.
23

One of the three economic questions deals with deciding

A
what goods and services should be produced.
B
what the costs of production should be.
C
how goods and services will be marketed.
D
how consumers will receive products.
24

Wind and solar energy are examples of

A
scarce resources.
B
renewable resources.
C
capital resources.
D
nonrenewable resources.
25

Most resources are nonrenewable, and wants and needs are unlimited. This is an example of

A
production
B
scarcity
C
labor
D
devaluation

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