Economic Resources Quiz

What are economic resources?

• Factors that help in producing goods and services

• Factors that meet human needs and wants

• Factors that are limited in supply

• Factors that have alternative uses

Which type of resource includes agricultural soil and natural resources?

• Land

• Labor

• Capital

• Entrepreneurship

What does labor represent?

• Physical and mental abilities of people

• Man-made resources

• Special human resource

• Factors of production

What does capital refer to?

• Man-made resources or production

• Physical and mental abilities of people

• Factors that help in producing goods and services

• Special human resource

What is the role of entrepreneurship in a free market economy?

• Initiates and organizes the production process

• Provides physical and mental abilities

• Produces man-made resources

• Introduces innovations

Which type of resource includes equipment, factory buildings, and tools?

• Capital

• Land

• Labor

• Entrepreneurship

What is the measure of labor?

• Time spent in working during a period

• Physical and mental abilities of people

• Man-made resources

• Special human resource

What is the process of adding to the stock of capital called?

• Capital formation

• Entrepreneurship

• Labor

• Land

What is the task of an entrepreneur?

• Initiate and organize the production process

• Provide physical and mental abilities

• Produce man-made resources

• Introduce innovations

What is the problem that arises due to the scarcity of resources?

• Choice among multiple wants

• Limited supply of resources

• Unlimited human wants

• Alternative uses of resources