The factors of production are:

Group of answer choices

a. money, labor, natural resources, and capital.

b. technology, human capital, and natural resources.

c. money, capital, and natural resources.

d. labor, capital, and natural resources.

Question 2

1pts

Economic resources used in the production process are called:

Group of answer choices

a. free gifts of the natural environment.

b. factors of production.

c. consumer items.

d. money capital.

Question 3

When making a choice to do more of one activity, the highest-valued other choice society does not make is called _______ , and it is measured _______ .

Group of answer choices

a. opportunity cost; in terms of the money it costs

b. increasing cost; in terms of the amount of money spent doing so

c. constant cost; by the slope of the production possibilities curve at that level

d. opportunity cost; by the slope of the production possibilities curve at that level

Question 4

1pts

If an economy is producing a combination of goods that places it on the production possibilities curve, then it has:

Group of answer choices

a. economic growth.

b. full employment.

c. inefficiency.

d. idle factors of production.

Question 5

1pts

If an economy is producing a combination of goods that places it inside the production possibilities curve, then it has:

Group of answer choices

a. economic growth.

b. full employment.

c. efficiency.

d. idle factors of production or inefficient use of resources.

Question 6

The Market for Chocolate-Covered Peanuts Price Quantity Quantity Supplied Demanded (per bag) (bags per month) ( bags per month) 90# 70 280 80# 105 245 70# 140 210 60# 175 175 50# 210 140 40# 245 105 30# 280 70