Intro Ch 2 Quiz: Question Preview (ID: 7753)

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A shortage of resources is called
a) reduction.
b) threat.
c) scarcity.
d) limitation.

All of the following are factors of production except
a) educational resources
b) natural resources.
c) labor resources
d) capital resources

In a market economy, resources are
a) scarce.
b) privately owned.
c) plentiful.
d) shared

In a command economy, resources and businesses are owned and controlled
a) privately
b) by other countries.
c) by the government.
d) by groups of people in a co-op

In a market economy, the higher the price,
a) the better the quality of the product offered
b) the more profit the business will make
c) the higher the demand for the product.
d) the less consumers will buy

In a command economy,
a) highly skilled workers earn the same as low-skilled workers
b) highly skilled workers earn less than low-skilled workers
c) highly skilled workers earn more than low-skilled workers.
d) highly skilled workers are not needed

Most nations have a
a) moderate command economy
b) pure command economy
c) pure market economy
d) mixed economy

Some natural resources, such as wheat and cattle, are
a) imported.
b) irreplaceable.
c) renewable.
d) artificially produced

Deciding to use a resource for one purpose and giving up the chance to use it for something else is
a) sacrifice
b) trade-off
c) opportunity cost.
d) risky.

The desire to make a profit is
a) profit motive
b) greed.
c) risky
d) rewarding

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