Economics is a
A) hard science.
B) physical science.
C) natural science.
D) social science.
Ques. 2All of the following are economic resources, or factors of production EXCEPT
A) land.
B) physical capital.
C) money.
D) entrepreneurship.
Ques. 3Economics is the study of how people make
A) subjective judgments.
B) themselves worse off.
C) money.
D) choices.
Ques. 4Which of the following are considered factors of production? I. Land II. Labor III. Physical capital IV. Entrepreneurship
A) I and II only
B) I and III only
C) I, II and III only
D) I, II, III and IV
Ques. 5Entrepreneurs are important to market economies because
A) they engage in risk taking and innovation.
B) they make up a large portion of low-skilled labor.
C) they take few risks and thereby, suffer fewer bankruptcies.
D) they represent the bulk of employment at large corporations.
Ques. 6The primary objective of economics is
A) to learn how to create more resources.
B) to study how people make choices with limited resources.
C) to learn how to make the most profits with a given amount of resources.
D) to study why some people are never happy with the resources they have.
Ques. 7The primary purpose of economics is to understand how people make
A) money.
B) goods and services.
C) choices.
D) a comfortable living.
Ques. 8In economic terminology, when a resource is used to produce output it is referred to as
A) an intangible.
B) a factor of production.
C) a service.
D) a fifth element.
Ques. 9Wants are
A) another term for needs.
B) the things people would consume if they had unlimited incomes.
C) the things people consume with their income.
D) all the things people really need in order to live comfortably.
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