Introduction To Economics Concept Review #1: Question Preview (ID: 31714)

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The skills and talent of a professional basketball player would be considered which of the following factors of production?
a) Consumption b) Human Capital c) Natural Resource d) Physical Capital
Which of the following would be considered a NATURAL resource.
a) wood b) a computer c) the knowledge and skill of a dentist d) a great business idea
A karate instructor that teaches self defense to people in his backyard for a small fee, would be considered ________________.
a) a consumer b) physical capital c) a producer d) None of These
Which of the following would be an example of a consumer?
a) A child that sets up a lemonade stand in her neighborhood. b) A boy that buys a video game. c) A woman that works at a bakery. d) A kid at baseball practice.
When you and your family go out to eat in a restaurant, you are consuming __________________.
a) a good b) a service c) BOTH a good AND a service d) NEITHER a good NOR a service.
When you go to the barber to get a haircut, you are consuming ________________.
a) a good b) a service c) BOTH a good AND a service d) NEITHER a good NOR aservice.
Economics is the study of how people manage _________________.
a) their money only b) their emotions c) relationships with other people d) available resources
Which of the following illustrates an economic response to the problem of scarcity?
a) Practicing your golf swing. b) Making sure that everyone at your birthday party has at least one piece of cake. c) Studying for a test. d) Drinking milk so you can have stronger bones.
What sort of physical capital would a carpenter need to build a house?
a) wood b) a hammer c) the ability to use a hammer d) None of These
The conflict between unlimited desire or demand and a limited amount of resources.
a) Economics b) Cosumption c) Scarcity d) Production
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