Human resources that perform the functions of organizing, managing, and assembling the other factors of production are called
A) physical capital.
B) venture capital.
C) entrepreneurs.
D) productive capital.
Ques. 2Scarcity is caused by
A) unlimited wants running up against limited economic resources.
B) lazy workers.
C) an individual's budget that is insufficient to cover the expenses of certain goods or services.
D) shortages.
Ques. 3Economics is a social science that involves the study of how individuals
A) develop their tastes and preferences.
B) maximize their wealth.
C) define happiness.
D) choose among alternatives to satisfy their unlimited wants.
Ques. 4Economics is a part of the
A) social sciences.
B) natural sciences.
C) biological sciences.
D) organizational sciences.
Ques. 5The difference between scarcity and a shortage is that
A) scarcity is caused by poverty and shortages are caused by natural disasters.
B) shortages are a type of scarcity caused by natural disasters while scarcity is caused by human errors.
C) scarcity always is a part of human life while shortages usually are temporary.
D) shortages are always part of human life while scarcity is usually temporary.
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