Economics Review

Front

Which of the following is an example of physical capital? A household oven being used by a family, A business that hires 100 day laborers, An Amazon Prime delivery van, a bank providing a business loan to a start-up company

Back

An Amazon Prime delivery van

Front

Which is NOT one of the four factors of production? Land, Labor, Entrepreneurship, Money

Back

Money

Front

means are resources are limited but our wants are plentiful

Back

scarcity

Front

Shelter is considered

Back

a need

Front

Which of the following is an accurate depiction of the circular flow model: households supply labor and firms supply products and services, households supply products and services and firms supply the four factors of production, households demand the four factors of production and firms demand products and services, households supply products and services at the same time that firms demand products and services?

Back

households supply labor and firms supply products and services

Front

# 1 on the chart to the left indicates

Back

The country is NOT using its resources efficiently

Front

# 3 on the chart to the left indicates

Back

the country is using its resources efficiently

Front

# 2 on the chart to the left indicates

Back

a combination that cannot be achieved due to scarcity of resources

Front

each of the following would cause the arc in this graph to change EXCEPT: a trade embargo, technological improvements, an increase in the education of the workforce

Back

An increase in taxes on consumers

Front

When making a decision, the next best alternative is called

Back

the opportunity cost