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Chaptert2:tConfrontingtScarcity:tChoicestintProductiontMultiplet

Choice

1. Economictresourcestusedtintthetproductiontprocesstaretcalled:
A) freetgiftstoftthetnaturaltenvironment.
B) factorstoftproduction.
C) consumertitems.
D) moneytcapital.

Ans:
BtDiffic
ulty:tEasy

2. Anteconomictsystemtistthetsettoftrulestthattdefinet andt .
A) resources;tprices
B) whotgetsttotvote;twhentelectionstwilltbetheld
C) markettprices;tfactorstoftproduction
D) howtanteconomy'stresourcestarettotbetowned;thowtdecisionstabouttthetresourcestarettotbetmade

Ans:
Dt Difficulty
:tMedium

3. Thetmodeltthattshowstthetgoodstandtservicesttheteconomytistcapabletoftproducingtistthetmodeltof:
A) utility.
B) thetfallacytoftcomposition.
C) productiontpossibilities.
D) scarcity.

Ans:
CtDiffic
ulty:tEasy

4. Factorstoftproductiontare:
A) thetresourcesttheteconomythastavailablettotproducetgoodstandtservices.
B) generallytunlimitedtintmodernteconomies.
C) alwaystemployedtintmodernteconomies.
D) thetknowledgetthattcantbetappliedttotthetproductiontoftgoodstandtservices.

Ans:
AtDiffic
ulty:tEasy




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5. Thetthreetbroadttypestoftfactorstoftproductiontare:
A) capital,tlabor,tandtnaturaltresources.
B) money,tprofit,tandtinterest.
C) stocks,tbonds,tandtfinancialtassets.
D) technology,thumantcapital,tandtcomparativetadvantage.

Ans:t AtDifficult
y:tEasy

6. Thetthreetbroadttypestoftresourcestusedttotproducetgoodstandtservicestaretalsotknowntas:
A) economictsystems.
B) factorstoftproduction.
C) productiontpossibilities.
D) financialtcapital.

Ans:t BtDifficult
y:tEasy

7. Capitaltistbesttconsideredtas:
A) thetnaturaltenvironment.
B) atfactortoftproductiontthatthastbeentproduced.
C) financialtassets.
D) money.

Ans:t BtDifficult
y:tEasy

8. Atfactortoftproductiontthatthastbeentproducedtfortusetintthetproductiontoftothertgoodstandts
ervicestis:
A) labor.
B) money.
C) capital.
D) naturaltresources.

Ans:t CtDifficult
y:tEasy




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9. Labortistthet thattcantbetappliedttotproduction.
A) thetnaturaltenvironment.
B) producedtresources.
C) financialtassets.
D) humanteffort.

Ans:t D
Difficulty:tMedium

10. Anytfactortoftproductiontistcapitaltiftit:
A) wastproducedtandtcantbetusedttotproducetothertgoodstandtservices.
B) generatestutility.
C) usesthumanteffortttotproducetgoodstandtservices.
D) istincludedtintfinancialtcapital.

Ans:t A
Difficulty:tMedium

11. Thetfactorstoftproductiontare:
A) money,tlabor,tnaturaltresources,tandtcapital.
B) technology,thumantcapital,tandtnaturaltresources.
C) money,tcapital,tandtnaturaltresources.
D) labor,tcapital,tandtnaturaltresources.

Ans:t DtDifficult
y:tEasy

12. Atfactortoftproductiontthattistproducedtintorderttotproducetsomethingtelsetistcalled:
A) money.
B) labor.
C) technology.
D) capital.

Ans:t DtDifficult
y:tEasy

13. Humantefforttthattcantbetappliedtintthetproductiontprocesstistcalled:
A) naturaltresources.
B) technology.
C) labor.
D) specialization.

Ans:t CtDifficult
y:tEasy
14. Resourcestfromtnaturetthattcantbetusedttotproducetothertgoodstandtservicestaretcalled:
A) money.



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B) naturaltresources.
C) labor.
D) capital.

Ans:t BtDifficult
y:tEasy

15. Fortatfactortoftproductionttotbetcalledtcapitaltittmust:
A) betproduced.
B) occurtintthetnaturaltenvironment.
C) betatparttofthumantskill.
D) betatresulttoftatstocktissue.

Ans:t AtDifficult
y:tEasy

16. Whichtoftthetfollowingtistantexampletoftcapital?
A) atgravelttruck
B) atsavingstaccount
C) atsharetoftGeneraltMotorststock
D) atlake

Ans:t A
Difficulty:tMedium

17. Totbetconsideredtcapital,tatfactortoftproductiontmust:
A) havetbeentproduced.
B) occurtnaturally.
C) betparttoftatfactorytortbuilding.
D) betatskilltorttalenttpossessedtbytatperson.

Ans:t A
Difficulty:tMedium

18. Onetoftthettwotcriteriatfortatresourcettotbetconsideredtcapitaltistthattittmust:
A) occurtnaturally.
B) betparttoftatfactorytortbuilding.
C) betatskilltorttalenttpossessedtbytatperson.
D) betpossiblettotusetitttotproducetothertgoodstandtservices.

Ans:t D
Difficulty:tMedium




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