Economics: Question Preview (ID: 32636)

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Economists believe it is important to make __________ decisions about __________ resources.
a) wise . . . scarce b) quick . . . plentiful c) popular . . . scarce d) popular . . . plentiful
Which of the following would solve the problem of scarcity in the world and eliminate the need for economics?
a) an unlimited supply of resources b) unlimited want and demand from consumers c) a scarcity of resources d) a shortage of demand
A higher demand for a good or service than what is currently available in the market is the definition of __________.
a) surplus b) scarcity c) shortage d) supply
According to economists, as a result of scarcity, people must __________.
a) spend less money now so they have more in the future b) realize that they can never have what they want c) design ways to recycle more of what they own d) make choices about how to use their resources
It is possible for a resource to be scarce in one part of the world and plentiful in another.
a) True b) False c) d)
In order for a resource to be considered scarce it must be expensive.
a) True b) False c) d)
A shortage can be either short-term or long-term, but it is not an ongoing condition.
a) True b) False c) d)
Scarcity is an ongoing part of the human condition.
a) True b) False c) d)
Which of the following BEST defines labor?
a) management b) invested capital c) work for which someone is paid d) means of production that produce a good or service
Economics is the study of how society __________.
a) can gain increasing amounts of resources b) uses scarce resources to satisfy its needs and wants c) invests its money in different kinds of businesses d) prevents shortages of its most popular goods and services
Which one of the following professionals provides goods for society’s consumers?
a) dentist b) butcher c) lawyer d) accountant
Land is defined as all natural __________.
a) agriculture b) vegetation c) resources d) conditions
Infrastructure is the basic structure used to support an entire __________.
a) city b) economy c) government d) population
Infrastructure can consist of all of the following EXCEPT:
a) roads b) airports c) forests d) canals
Entrepreneurs are different from the rest of the labor force because they are __________ and __________.
a) innovators . . . risk takers b) imaginative . . . creative c) accountable . . . specialized d) determined . . . profit seekers
Improved technology allows workers to be more __________ and productive.
a) skilled b) efficient c) capable d) economical
Each of the following investments contributes to a higher quality labor force EXCEPT:
a) health care b) retaining experienced workers c) additional vacation and sick leave d) additional education and training
Which of the following is an important factor for continued economic growth?
a) improved use of land b) maintaining the level of physical capital c) a decrease in entrepreneurship d) a smaller but more educated workforce
Societies make choices about goods and services based on the availability of __________.
a) land b) workers c) resources d) new technology
The price paid by a consumer for a particular good is most influenced by which of the following?
a) the age of the average consumer b) the city where the good is produced c) the length of time it takes to produce the good d) the price of the resource that goes into producing the good
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