Econ in Bus Quiz 1.1

Which of the following statements best describes the economic problem?

• Too many countries are still poor and need more productive resources.

• We have not discovered how to utilize all the productive resources available to us.

• The productive resources needed to satisfy our unlimited wants are too scarce to do so.

• The productive resources are unlimited so all wants and needs can be satisfied.

Which is an example of a capital good?

• rainwater

• a bulldozer

• coal

• a cow

Labor is a type of human resource.

• True

• False

Goods and services are scarce.

• True

• False

Because productive resources are scarce, goods and services are scarce, too.

• True

• False

Which of the following accurately defines economics?

• The study of how people make money.

• The study of seeking profits and increasing resources.

• The study of the entrepreneur and his or her tactics.

• The study of how people use scarce resources to satisfy unlimited wants.

Which of the following is a good?

• dry cleaning

• deli meat

• a taxi ride

• advertising

Which of the following is not considered a productive resource?

• human resources

• goods and services

• natural resources

• capital resources

Although it is assumed that people are driven by rational self-interest, this does not mean that people are not concerned for others.

• True

• False

In the context of economics, marginal is defined as incremental or additional.

• True

• False