Apex Econ- Intro quiz

A cell phone is classified as

• a need

• a want

The main issue in the field of Economics is solving the problem of

• resources

• scarcity

• greed

• labor

An oven, a mixer, and a baking pan at a bakery are example of which factor of production?

• land

• labor

• capital

• entrepreneur

What do entrepreneurs have to be willing to accept when starting a business?

• loans

• lack of government funds

• risk

• lack of opportunity

Scarcity is created by the situation of unlimited wants and

• unlimited needs

• limited resources

• unlimited funds

• limited time

Trees, rubber, and oil are all part of which factor of production?

• land

• labor

• capital

The knowledge and skills that a person brings to the job is known as which factor of production?

• education

• experience

• skilled knowledge

• human capital

Making a choice between buying a new tv and going on vacation illustrates which idea?

• limited resources and unlimited wants

• limited time and money

• unlimited needs and limited wants

• factors of production

What do entrepreneurs contribute to society?

• they help the government give out resources

• they delegate to others what needs to be done

• they come up with creative and new ideas

• they tell consumers what to purchase

A benefit to motivate people to do something, offered by businesses or the government, is

• a bribe

• an incentive

• a tool

• free cash