Final - Economics

Front

How would the magnesium ore, from which ground magnesium is made, be classified as a factor of production? Options: Capital, Land, Entrepreneurship, It is not a factor of production, it is a product.

Back

Land

Front

Paul is experiencing a situation where only a limited amount of dealers and collectors have the classic sports car he wants. What is this situation called?

Back

scarcity

Front

Which factor of production would you consider a lawn mower? Options: Land, Labor, Capital, Entrepreneur

Back

Capital

Front

Which of the following is NOT one of the 3 Economic questions?
What to produce, Whom to produce for, How to produce, When to produce

Back

When to produce

Front

In a ______________ economy the "3 economic questions" are answered by a central authority.

Back

Command

Front

Which of the following BEST explains why entrepreneurs take the risk of starting a business?
Options:
to make profits,
to have the freedom to make their own choices,
to make their own hours,
because the government backs them financially

Back

to make profits

Front

Competition and free enterprise are most common in which type of economic system?

Back

market

Front

Investing heavily in new capital equipment and technology is MOST related to

Back

economic growth

Front

In the production of chocolate chip cookies, which represents the factor of capital? Options: the worker who decorates the cookies, the sugar used to bake the cookies, the retailer who sells the cookies, the oven used to bake the cookies

Back

the oven used to bake the cookies

Front

Kathy, Sue, and Christina own a bakery. Each day all three women spend hours baking cakes, decorating cakes, and packaging cakes. Which economic concept would help them become more efficient?

Back

Specialization