POBF 5.01a Economics Fall 2019

Which occurs when the supply of individuals who are able and willing to work diminishes?

• Capital goods become unlimited.

• Capital goods become limited.

• Human resources become limited.

• Human resources become unlimited.

Which is an example of an economic service?

• car stereo

• tennis shoes

• baseball glove

• concert ticket

A local dry cleaner that also launders and presses shirts is selling:

• industrial supplies.

• specialty goods.

• tangible items.

• consumer services.

One factor that might limit the human resources available for certain jobs is a/an:

• organized training program.

• appealing company image.

• good safety record.

• inadequate pay level.

Which is a reason that natural resources are considered limited?

• People lack training or skills needed to do a job.

• Technology has advanced faster than training.

• Some countries are unable to manufacture them.

• The earth has certain boundaries.

Adrian and Bailey own a salon. Adrian is a nail technician and Bailey is a cosmetologist. Adrian gives Bailey a pedicure. Bailey gives Adrian a haircut. They do not pay money for the services provided. What does this demonstrate?

• exchange

• rationing

• scarcity

• trade-off

Which group of words best describes wants?

• limited, changing, and compensating

• unlimited, changing, and competing

• limited, unchanging, and competing

• unlimited, unchanging, and compensating

Which is an external factor that affects market price?

• location of items in store

• consumer buying power

• number of items in stock

• available credit terms

The usefulness of a product to consumers is referred to as product:

• scarcity.

• utility.

• allocation.

• consumption.

A farmer has 1,000 acres. He decides to plant apple trees on 800 acres and raise cows on the remaining 200 acres. If he wanted to raise more cows, he would have to reduce the amount of land allotted to growing apples. This is an example of:

• distribution.

• opportunity cost.

• efficiency.

• utility.