Economics Exam 1

Any resources that are made by humans and used to create other goods and services are called

• services.
• production.
• capital.
• stolabor

What factor of production is: Economics Classroom?

• Land
• Labor
• Human Capital
• Physical Capital

What factor of production is: Sugar Cane?

• Land
• Labor
• Human Capital
• Physical Capital

What factor of production is: I heart Zupan T-shirts?

• Land
• Labor
• Human Capital
• Physical Capital

What factor of production is: Field Hockey Practice?

• Land
• Labor
• Human Capital
• Physical Capital

Why are all goods and services scarce?

• Some goods cost more than others
• all resources are scarce
• Some things are needs & others are wants
• Some people want to have more goods than others

Every decision involves trade-offs because

• some people have more money than others
• everyone's resources are limited
• some decisions are made for business, other for society
• George Coates said so

An example of a shortage is limited amount of

• water available for irrigation because it is used for other crops
• labor available because the workers have other jobs
• food available because the trucks carrying it are on strike
• food available because few people want to buy it

What does a production possibilities frontier show?

• scarce and less scarce resources
• global trade-offs & costs of doing business
• an economy that is producing but not at the maximum
• the maximum amount that an economy can produce

Which of the following makes someone an entrepreneur?

• Earning a lot of money as a computer programmer
• becoming a highly paid dancer
• Taking an economics class
• Running a service that hires people to install sprinklers in lawns