Factors Of Production Economics Question Preview (ID: 13197)


Modules 5 8. TEACHERS: click here for quick copy question ID numbers.

The condition of scarcity exists because
a) resources are too expensive.
b) Demand
c) Supply
d) there aren't enough resources to produce everyone's wants.

What is the quantity of goods or services produced?
a) Inputs
b) Output
c) Productivity
d) Standard of living

What is the measure of economic performance that indicates how efficiently inputs are converted into output?
a) standard of living
b) Subsidy
c) Productivity
d) Quota

Using markets as the primary means of organizing and coordinating production, is what type of system
a) Command
b) Traditional
c) Market
d) Mixed

Which of the following is not an example of an increase in productivity?
a) Producing more output with more inputs
b) Producing more output with the same inputs
c) Producing the same output with fewer inputs
d) Market

Are: 1) What should I produce? 2) How much should I produce? 3) Who will buy the goods or services?
a) 3 economic questions
b) All answers
c) Labor
d) entrepreneurship

Opportunity cost is
a) Is what you give up when you make a choice;
b) building skills that are scarce in the labor market.
c) How many should I produce
d) In what order should I produce

All the things used in producing goods, services, buildings, ideas
a) GDP
b) Natural Resources
c) Human resources
d) Capital resources

Individuals who are willing to take risks, to bring the resources together and develop new products, and start new businesses.
a) Human resources
b) Services
c) Entrepreneurs
d) Resources

Refers to man made goods, such as tools, which are used to produce other goods
a) Physical capital
b) Resources
c) Human capital
d) Capital resources

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