ECON_Lesson 2_Exam_EN | Quizalize

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ECON_Lesson 2_Exam_EN

Quiz by Daniel Vasquez

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Q 1/20
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People's wants are unlimited. This fact means that which of the following is always present?
29

marginal utility
shortages
costs of production
Scarcity

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20 questions

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Q1
People's wants are unlimited. This fact means that which of the following is always present?
marginal utility
shortages
costs of production
Scarcity
30s
Q2
What are the factors of production?
land, labor, and capital
goods and services
risk and opportunity
wages, salaries, and profits
30s
Q3
Ocean waves can be used to generate energy. Ocean waves are considered which type of resource?
renewable
capital
non-renewable
perpetual
30s
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
30s
Q5
What is the best title for the list below?
Capitalist
Entrepeneur
Investor
Laborer
30s