04 Jun C) the availability of goods will be limited but the availability of services will not.
Question
1.1 What Is Economics?
1) Economics is best defined as the study of
A) financial decision-making.
B) how consumers make purchasing decisions.
C) the choices made by people faced with scarcity.
D) inflation, unemployment, and economic growth.
2) Economics is the study of
A) how to invest in the stock market.
B) how society uses limited resources.
C) the role of money in markets.
D) how government officials decide which goods and services are produced.
3) Scarcity can best be defined as a situation in which
A) there are no buyers willing to purchase what sellers have produced.
B) there are not enough goods to satisfy all of the buyers’ demand.
C) the resources we use to produce goods and services are limited.
D) there is more than enough money to satisfy consumers’ wants.
4) An arrangement that allows buyers and sellers to exchange things is called
A) a contract.
B) a market.
C) money.
D) efficient.
5) Because resources are limited
A) only the very wealthy can get everything they want.
B) firms will be forced out of business.
C) the availability of goods will be limited but the availability of services will not.
D) people must make choices.
6) Tradeoff is
A) allowing the government and other organizations to choose for us.
B) sacrificing one thing for another.
C) deciding who consumes the products produced in an economy.
D) holding other variables fixed.
7) Resources are all of the following EXCEPT
A) unlimited and in abundance.
B) the things we use to produce goods and services.
C) limited in quantity and can be used in different ways.
D) scarce and therefore require choices to be made.
8) The knowledge and skills acquired by a worker through education and experience is a description of which factor of production?
A) physical capital
B) human capital
C) labor
D) entrepreneurship
9) The physical and mental effort people use to produce goods and services is a description of which factor of production?
A) physical capital
B) human capital
C) labor
D) entrepreneurship
10) The effort used to coordinate the factors of production is a description of
A) physical capital.
B) human capital.
C) labor.
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