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ECON_Lesson 2_Exam_EN

Quiz by Daniel Vasquez

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20 questions
Show answers
  • Q1
    People's wants are unlimited. This fact means that which of the following is always present?
    marginal utility
    costs of production
  • Q2
    What are the factors of production?
    land, labor, and capital
    goods and services
    risk and opportunity
    wages, salaries, and profits
  • Q3
    Ocean waves can be used to generate energy. Ocean waves are considered which type of resource?
  • Q4
    Which of the following is a major reason the standard of living in Japan is much higher than in Nigeria?
    richer natural resources
    greater human capital
    more foreign residents
    fewer temporary shortages
  • Q5
    What is the best title for the list below?
  • Q6
    Which of these items is a measure of productivity?
    years of education
    bushels of corn per acre
    number of workers employed
    dollars invested in new equipment
  • Q7
    Why are tradeoffs necessary?
    Advertisers promote products.
    Resources are limited.
    People want different things.
    Every product has flaws.
  • Q8
    When Amy returns a good library book without finishing it so she won't have to pay a late fee, what is her opportunity cost?
    paying the fee
    reading a different book
    finishing the book
    paying for something else
  • Q9
    What does it mean to maximize utility?
    to become as efficient as possible
    to strengthen a national infrastructure
    to strengthen the skills of a workforce
    to gain the most satisfaction possible
  • Q10
    Which scenario best illustrates the law of diminishing marginal utility?
    Someone who doesn't listen to music does not care about getting a new CD
    A collector of china figurines is eager to get a new one.
    A new toy is less exci(ng to a child with many toys than to a child with just a few.
    A car breaks down more often as it gets older.
  • Q11
    Goods are
    things produced for the betterment of all people.
    our desires for things that meet our needs.
    physical objects produced for sale.

    activities done for us by others.

  • Q12
    Our wants are
    equal to our resources.
    in short supply.
  • Q13
    What causes a shortage?
    a temporary increase in demand for a particular good or service
    the permanent condition of having too few resources to satisfy all wants
    an increase in the production of goods
    the discovery of new sources of supplies for goods
  • Q14
    Why do economists say that scarcity is everywhere?
    the time and effort people devote to producing goods and services
    the money used to invest in order to produce future wealth
    The resources needed to produce goods and services are insufficient to meet the demand for them.
    Most people never have enough resources to meet their basic daily needs.
  • Q15
    What do economists mean when they use the word "land"?
    real estate containing buildings where goods and services are produced
    analyze the benefits and consequences of their decisions.
    measure efficiency with the production of luxury goods.
    natural resources used to produce goods and services

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