Chapter 1 Section 1 Quiz (Scarcity And The Factors Of Production)

7 Questions | Total Attempts: 1966

Factors Of Production Quizzes & Trivia

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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