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ECON_Lesson 2_Exam_EN
Quiz by Daniel Vasquez
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20 questions
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- Q1People's wants are unlimited. This fact means that which of the following is always present?marginal utilityshortagescosts of productionScarcity30s
- Q2What are the factors of production?land, labor, and capitalgoods and servicesrisk and opportunitywages, salaries, and profits30s
- Q3Ocean waves can be used to generate energy. Ocean waves are considered which type of resource?renewablecapitalnon-renewableperpetual30s
- Q4Which of the following is a major reason the standard of living in Japan is much higher than in Nigeria?richer natural resourcesgreater human capitalmore foreign residentsfewer temporary shortages30s
- Q5What is the best title for the list below?CapitalistEntrepeneurInvestorLaborer30s
- Q6Which of these items is a measure of productivity?years of educationbushels of corn per acrenumber of workers employeddollars invested in new equipment30s
- Q7Why are tradeoffs necessary?Advertisers promote products.Resources are limited.People want different things.Every product has flaws.30s
- Q8When 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 feereading a different bookfinishing the bookpaying for something else30s
- Q9What does it mean to maximize utility?to become as efficient as possibleto strengthen a national infrastructureto strengthen the skills of a workforceto gain the most satisfaction possible30s
- Q10Which scenario best illustrates the law of diminishing marginal utility?Someone who doesn't listen to music does not care about getting a new CDA 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.30s
- Q11Goods arethings 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.
30s - Q12Our wants areequal to our resources.unlimited.scarce.in short supply.30s
- Q13What causes a shortage?a temporary increase in demand for a particular good or servicethe permanent condition of having too few resources to satisfy all wantsan increase in the production of goodsthe discovery of new sources of supplies for goods30s
- Q14Why do economists say that scarcity is everywhere?the time and effort people devote to producing goods and servicesthe money used to invest in order to produce future wealthThe 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.30s
- Q15What do economists mean when they use the word "land"?real estate containing buildings where goods and services are producedanalyze the benefits and consequences of their decisions.measure efficiency with the production of luxury goods.natural resources used to produce goods and services30s