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Economics GSE SSEF 1-3
Economics GSE SSEF 1-3
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Fundamentals of Economics (GSE)
Flashcards
16 cards
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Questions
16
Answers
1
Human capital includes
the salary paid to an account
a taxi driver's knowledge of the city streets
the machinery used to weave cloth
the equipment used by a doctor to cure a patient
2
A factory building is considered to be part of which of the following productive Resources?
land
capital
labor
entrepreneurship
3
In the cafeteria, there are servers, grill cooks, a baker, & dishwashers:This is a example of:
division of labor
lack of training
over employment
budget cutting
4
The physical capital used by woodworkers to make furniture includes
saws and drills
hard work and time
a workshop and money
wood and glue
5
Which of the following lists would an economist consider
land
?
factories, office buildings, assembly lines, workers
iron ore, natural gas, fertile soil, water
farm fields, tractors, pesticides, fertilizers
dams, bridges, rock quarries, oil wells
6
Which of the following is an example of capital investments for a manufacturing company?
buying ad space in magazines
renting office space for managers
hiring workers for its factories
buying new machines for production
7
What is the opportunity cost of a decision?
the different ways that a different person might have picked
the most desirable alternative given up for the decision
a series of alternative decisions that could have been made
the best possible way the question could have been decided
8
Why are all goods and services scarce?
Some people want to have more goods than others
All resources are scarce
Some goods cost more than others
Some things are needs and others are wants
9
Linda went to the bank to obtain a loan to start a health food store. She is an example of
land
labor
capital
entrepreneurship
10
If a nation encourages entrepreneurship, then which of the following is likely to Occur?
very little change in overall production of goods & services
fewer applicants to the U.S. patent office
a decline in the number of new business created
the development of many new products and process methods
11
Paul works as an attorney for a corporation. He is an example of which productive resources?
Capital
Entrepreneurship
Land
Labor
12
Which of the following makes someone an entrepreneur?
becoming a highly paid dancer
managing a service that hires people to install sprinklers
earning a lot of money as a computer programmer
inventing & selling the right to manufacture a computer game
13
What does the process of specialization do for an economy?
it makes it easier to control
it eliminates unemployment
it fosters competition
it makes it more efficient
14
Fred and Anne both decide to see the same movie when they are given free tickets. We know that
both-the same opp. cost since they are doing the same thing
both-an opp. cost b/c they could have done other things
neither bear an opp. cost because the tickets were free
higher cost for the one who had more things to do
15
Any resources that are made by humans and used to create other goods and services are called
labor
production
services
capital
16
The resources used to make all goods and services are the
productive resources
opportunity costs
production possibilities
production trade-offs
