question archive 34) When production shifts from making one product to another product, more and more resources are needed to increase production of the second product
34) When production shifts from making one product to another product, more and more resources are needed to increase production of the second product
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34) When production shifts from making one product to another product, more and more resources are needed to increase production of the second product. This tendency is called the
a. marginal benefit.
b. economic transition.
c. voluntary exchange.
d. law of increasing costs.
36. Which of the following best describes the economy of the United States?
a. completely laissez faire
b. centrally planned economy
c. socialist economy
d. mixed economy
38. A traditional economy relies on __________ to answer the three basic economic questions.
a. the government
b. specialization
c. family customs
d. incentives
40. When an economy grows, its production possibilities frontier
a. shifts to the right.
b. shifts to the left.
c. shifts upward.
d. shifts downward.
42. Which statement about the American government's power to tax is TRUE?
a. The president can create new taxes with executive orders.
b. The Sixteenth Amendment says only state and local governments can tax income.
c. Congress can levy direct taxes based on income.
d. All federal taxes are indirect taxes.
45. A farm grows corn and alfalfa. What would happen if the farm owner could not get enough workers to plant all the fields?
a. Taxes will go up.
b. The farm will be most efficient.
c. Less corn and alfalfa can be grown.
d. The demand for corn will grow.
49. What would a company do to increase its human capital?
a. build a company cafeteria
b. hire more part-time workers
c. pay for employees' education
d. lease cars for employees
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34. When production shifts from making one product to another product, more and more resources are needed to increase production of the second product. This tendency is called the law of increasing costs. D
36. Which of the following best describes the economy of the United States? mixed economy. D
38. A traditional economy relies on __________ to answer the three basic economic questions. the answer is family customs. C
40. When an economy grows, its production possibilities frontier shifts upward. C
42. Which statement about the American government's power to tax is TRUE? Congress can levy direct taxes based on income. C
45. A farm grows corn and alfalfa. What would happen if the farm owner could not get enough workers to plant all the fields? Less corn and alfalfa can be grown. C
49. What would a company do to increase its human capital? pay for employees' education C
