Questions1. The fact that no individual or nation has all of the resources necessary to satisfy its wants and needs is referred to by the term ________. 2. If I decide to spend my time studying math instead of economics, my low economics grade is the _______ of my decision. 3. Are timber and fish considered factors of production? 4. What do economists call this type of factor of production? 5. What type of factor of production is your chemistry book? 6. If I buy a piece of machinery that allows me to increase the number of goods I produce in an hour, I have increased my ___________. 7. If next month, for the first time, more students buy their textbooks from me than from my competitor, I will have increased my _____________. 8. A Lorenz Curve
a. measures the relationship between income and GDP. b. measures the distribution of income. c. measures per capita income. d. measures market share.
9. What statistic measures the total market value of all goods and services produced within a country during a specified period?
a. Gross Domestic Product b. Lorenz Curve c. National Income d. Per Capita National Income
10. The various goods and services that a country can produce with its resources are referred to as its _______________.
1. scarcity 2. opportunity cost 3. yes 4. land 5. technology 6. productivity 7. market share 8. b. measures the distribution of income. 9. a. Gross Domestic Product 10. production possibilities