E-Team #6

What are 'Human Resources'?

• The quantity and quality of human effort used to produce goods and services. (Also called labor.)

• A technological tool for project management

• A marketing strategy

• A type of financial resource

What is 'Income'?

• A type of liability

• A type of revenue

• A type of investment

• A type of expense

Income Tax is a type of tax that is levied on the (a)   .

• property and assets

• goods and services

• income of individuals or businesses

• inheritance and gifts

An 'Individual Retirement Account (IRA)' is:

• a type of savings account with tax advantages for retirement savings.

• a credit card account for personal expenses.

• a checking account for daily transactions.

• a loan account for purchasing a home.

What is the definition of Inflation?

• A measure of economic growth.

• A general increase in prices and fall in the purchasing value of money.

• A situation where supply exceeds demand.

• A decrease in the general price level of goods and services.

Inheritance is defined as:

• A function that calls itself.

• Property or money received from an estate, or through a will.

• A method to store data in a database.

• A way to hide the details of how something works.

What is the definition of 'Input' in the context of economics?

• The final goods and services produced in an economy

• The amount of money spent by consumers in an economy

• A resource used in the production process to produce output

• The total value of all goods and services produced in a country

Insurance is a means of protection from financial loss. What are some types of insurance?

• Only Auto Insurance and Home Insurance

• Only Life Insurance and Health Insurance

• Life Insurance, Health Insurance, Auto Insurance, Home Insurance

• None of the above

What does 'Interdependence' mean in economic terms?

• Interdependence in economic terms refers to the complete independence of countries from each other in terms of trade and economy.

• Interdependence in economic terms refers to the mutual reliance between two or more groups, especially countries, for goods and services.

• Interdependence in economic terms is the reliance of a single country on its own resources without any external trade.

• Interdependence in economic terms means a country is self-sufficient and does not engage in international trade.

Define 'Intermediate Goods' and give an example.

• Intermediate goods are used in the production of final goods, e.g., steel used in car manufacturing.

• Intermediate goods are goods that are consumed directly, e.g., food items.

• Intermediate goods are final products ready for consumption, e.g., a car.

• Intermediate goods are services provided to consumers, e.g., banking services.