Econ- Chapter 1, Section 1 Question Preview (ID: 59853)


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Study of how people make choices about ways to use limited resources to fulfill their wants.
a) Microeconomics
b) Macroeconomics
c) Economics
d) Scarcity

Deals with behavior and decision making by small units such as individuals and firms.
a) Microeconomics
b) Macroeconomics
c) Economics
d) Scarcity

Deals with the economy as a whole and decision making by large units such as governments.
a) Microeconomics
b) Macroeconomics
c) Economics
d) Scarcity

This results from a combination of limited resources and unlimited wants.
a) Macroeconomics
b) Microeconomics
c) Economics
d) Scarcity

The four factors of production are:
a) Land, labor, capital, and entrepreneurship
b) Technology, products, entrepreneurship and innovation
c) Land, labor, goods and services
d) Capital, entrepreneurship, goods and services

Manufactured goods used to produce other goods and services
a) Land
b) Labor
c) Capital
d) Entrepreneurship

When individuals take risks to develop new products and start new businesses in order to make profits.
a) land
b) labor
c) capital
d) entrepreneurship

A company’s office buildings are an example of:
a) Land
b) Labor
c) Capital
d) Entrepreneurship

Scarcity always exists because:
a) Stores cannot stock enough merchandise to keep up with customer demand
b) Factories sometimes have difficulty producing enough goods
c) There is not enough of all goods and services to satisfy everyone’s needs and wants
d) Natural disasters, such as hurricanes and floods, destroy goods and property

A company’s fleet of trucks represents which kind of factor of production?
a) Land
b) Labor
c) Capital
d) Entrepreneurship

The need to make choices arises because:
a) Some things are not limited
b) Shortages are a constant situation
c) Everything that exists is limited
d) People need to share their resources

The basic problem of economics is:
a) Scarcity
b) Shortages
c) Lack of choices
d) Overabundance of resources

As an economic term, land refers to:
a) Work people do
b) Machinery
c) Natural Resources
d) Knowledge

Economics is primarily concerned with which of the following?
a) Future cost of goods
b) Values and objectives of society
c) Use of resources
d) Methods of production

According to Adam Smith:
a) The role of government is to allocate resources
b) Government should not interfere in the marketplace
c) A mixed economy combines all of the benefits of a command and market economy
d) Left to themselves, individuals would mishandle the economy

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