Economics Part 1-2

Which of the following accurately describes microeconomics?

• The study of economies as a whole; the “big picture”

• The use of goods and services to fulfill wants and needs

• The study of individual economic units

• The use of economic patterns to predict future economic conditions

Food is an example of which of the following?

• A tangible want

• A tangible need

• An intangible want

• An intangible need

Landscaping services are an example of which of the following?

• A tangible want

• A tangible need

• An intangible want

• An intangible need

Which of the following is NOT a type of economic resource?

• Manufactured resources

• Natural resources

• Human resources

• Financial resources

Which of the following is NOT one of the three questions related to production?

• What?

• When?

• Who?

• How?

Land is synonymous with which type of economic resources?

• Manufactured resources

• Natural resources

• Human resources

• Financial resources

Which of the following is an example of a nonrenewable land resource?

• oil

• lumber

• vegetables

• water

Which of the following accurately describes the function of capital in the economic process?

• Directly satisfies wants and needs

• Provides skills and talents to the production process

• Organizes the other factors of production to create profit

• Furthers production with the use of manufactured instruments

Which of the following factors of production is synonymous with the enterpriser factor?

• capital

• labor

• management

• land

How are producers and consumers connected in the economic process?

• Consumers buy goods from producers who sell goods to consumers

• Consumers sell goods to producers who buy goods from consumers

• Consumers process goods for producers who produce goods for consumers

• Consumers sell their labor to producers who pay wages and benefits to consumers