Which is true about people working in a market economy who have labor skills that are in demand?

Their incomes tend to be higher than others whose skills are not in demand

Which statement about natural resources is true?

Agricultural products are renewable bc new crops can be grown each season

Which is an example of a c apital resource?

A machine uesd to make molded plastic toys

What are two basic types of economic systems?

market economy and command economy

What is an opportunity cost?

giving up the chance to use a resources for one thing instead of another

Which statement about natural resources is not true?

Amount of NR available to a society has little effect on its economy

What is a characteristic of socialism?

Major industries are government owned

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Intro Test #2

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Questions 15

Answers

1
Which is not a factor of production?
labor
natural resources
capital
the marketplace
2
Which refers to how people satisfy their needs and wants by making choices?
opportunity
economics
equilibrium
entrepreneurship
3
Which is true about people working in a market economy who have labor skills that are in demand?
Thier earnings are not related to demnd
Their earnings are the same as other workers their age
Their incomes tend to be higher than others whose skills are not in demand
Their incomes tend to be lower than others whose skills are not in demand
4
Which statement about natural resources is true?
Agricultural products are renewable bc new crops can be grown each season
Coal is renewable because there is so much of it still in the ground
Lumber is not renewable because it takes a long time to grow on trees
Water is renewable because it can be reproduced
5
Which mean the same as human resources?
unskilled workers
service providers
labor resources
capital resources
6
Which is an example of a c apital resource?
th presient of a company
money borrowed from a bank
A machine uesd to make molded plastic toys
a customer service representative
7
Which is a characteristic of capitalism?
Prices are determined by goernment planners
There is an even distribution of income
Resources are privately owned
Resources are shared equally
8
What is scarcity?
a lack of goods and services
a shortage of resources
unlimited wants and needs
limited expenses
9
Which is most likely to happen when the price for a good or service is high?
demand falls
supply increases
profits rise
competition decreases
10
What are two basic types of economic systems?
prvate enterprise and free enterprise
supply and demand
market economy and command economy
competition amd profit
11
Which is most likely to profit from society's changing wants and needs?
a producer of goods
a business with existing capital resources
an entrepreneur
a business with substantial labor resources
12
What is an opportunity cost?
the income people recieve by taking risks
the income people have to purchase goods and services
giving up the chance to use a resources for one thing instead of another
the methods and labor used to produce a good
13
Which statement about natural resources is not true?
Countries that have scarce natural resources must get them somewhere else
Synthetic materials such as nylon can be made from natural resources
Natural resoorces can be process to make goods
Amount of NR available to a society has little effect on its economy
14
Which is most important in determining the price of a product or service?
profit and competition
equilibrium pricing
supply and demand
business owners' preferences
15
What is a characteristic of socialism?
Major industries are government owned
There is no incentive to create better products
There is little choice for consumers
Individuals own all major resources

Intro Test #2 Flashcards | StudBud