Chapter 1 Section 1 Quiz (Scarcity And The Factors Of Production)
7 Questions
| Total Attempts: 1966
The following questions are from Chapter 1 Section 1.
Questions and Answers
- 1.Which of the following are factors or production? (Chpt. 1 Sec. 1)
- A.
Capital and land
- B.
Scarcity and shortages
- 2.Which of the following is an example of using physical capital to save time and money? (Chpt. 1 Sec. 1)
- A.
Hiring workers to do a job
- B.
Building extra space in a factory to simplify production
- 3.To what part of an industry does a worker's education contribute? (Chpt. 1 Sec. 1)
- A.
Human capital
- B.
Scarce resources
- 4.Which of the following is an entrepreneur?
- A.
A person who starts an all-organic cleaning supplies business that employs others.
- B.
A person who works as a highly paid computer programmer.
- 5.What is the difference between a shortage and scarcity?
- A.
A shortage can be temporary or long-term, but scarcity always exists.
- B.
A shortage results from rising prices; scarcity results from falling prices.
- 6.What does an economist mean by the term land?
- A.
Goods and services that are produced from the land
- B.
All natural resources used to produce goods and services
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