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Factors Of Production Economics
Test Description: Modules 5 8
Instructions: Answer all questions to get your test result.
1) Refers to man made goods, such as tools, which are used to produce other goods
A
Resources
B
Human capital
C
Capital resources
D
Physical capital
2) Individuals who are willing to take risks, to bring the resources together and develop new products, and start new businesses.
A
Human resources
B
Resources
C
Services
D
Entrepreneurs
3) All the things used in producing goods, services, buildings, ideas
A
Capital resources
B
Human resources
C
Natural Resources
D
GDP
4) Opportunity cost is
A
building skills that are scarce in the labor market.
B
How many should I produce
C
In what order should I produce
D
Is what you give up when you make a choice;
5) 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
Labor
C
All answers
D
entrepreneurship
6) Which of the following is not an example of an increase in productivity?
A
Market
B
Producing the same output with fewer inputs
C
Producing more output with the same inputs
D
Producing more output with more inputs
7) Using markets as the primary means of organizing and coordinating production, is what type of system
A
Market
B
Traditional
C
Command
D
Mixed
8) What is the quantity of goods or services produced?
A
Inputs
B
Output
C
Standard of living
D
Productivity
9) What is the measure of economic performance that indicates how efficiently inputs are converted into output?
A
Productivity
B
Quota
C
Subsidy
D
standard of living
10) The condition of scarcity exists because
A
resources are too expensive.
B
Supply
C
Demand
D
there aren't enough resources to produce everyone's wants.
*select an answer for all questions
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