Fundamentals of Econ

When people have unlimited needs/wants, but limited resources

• Shortage

• Scarcity

• Productivity

• Abundance

Which of the following qualifies as an example of land as a productive resource? (choose the one that BEST qualifies)

• A tractor tilling a corn field

• Iron sitting in a mine

• Lake Superior

• A person harvesting wheat

Which of the following would best qualify as capital as a productive resource?

• A cashier at a grocery store

• An expensive sports car sold to a customer

• A cash register at a restaurant

• Nails used in the construction of a house

Which of the productive resources uses the others to create a good or service?

• Land

• Labor

• Capital

• Entrepreneurship

If I choose to buy dinner for my family at a restaurant instead of cooking at home, what is my opportunity cost?

• The $60 price of the meal

• The time spent at the restaurant

• The satisfaction of serving my family home-cooked food

• The happiness received by my family at the restaurant

Which of the following best qualifies as labor as a productive resource

• Training class on assessing claims at an insurance company

• Employee's time spent at the Tyson plant packaging chicken

• The total number of business owners in an area

• A degree is business management

What is the Opportunity Cost of moving from point C to D?

• 25 Food

• 50 Food

• 25 Clothes

• 50 Clothes

Which point represents a trade-off?

• A

• B

• C

• All of the above

How can this country reach point F and achieve economic growth?

• By shifting resources to produce more food

• By increasing their resources or technology

• By employing unemployed workers

• By using their resources efficiently

Which point would most likely represent high unemployment in this country?

• A

• C

• E

• F