POBF Unit 5.01 LAPs

Resources that enable businesses to operate are also known as

• revenues.

• inputs.

• outputs.

• sales.

When producers use the best combination of resources, consumers are more likely to get goods and services that

• they do not need.

• cost more.

• are best known.

• they want.

A salesclerk working part-time at a clothing store is an example of a(n)

• natural resource.

• human resource.

• capital good.

• unlimited resource.

Which of the following economic resources helps people to be more productive:

• Noneconomic resources

• Natural resources

• human resource.

• capital good.

When there is not enough of a resource available for everyone to have as much of it as desired, the resource is

• unlimited.

• limited.

• natural.

• human.

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

• Human resources become limited.

• Capital goods become limited.

• Human resources become unlimited.

• Capital goods become unlimited.

The state of technology that exists in a society can limit

• natural resources.

• capital goods

• natural resources and capital goods.

• human resources and natural resources.

Some businesses sell their goods and services to individuals, businesses, or governments in other countries. This is an example of

• importing.

• domestic trading.

• exporting.

• deficit trading.

A country can often produce goods more cheaply than other nations because it

• places limits on its imports.

• has easy access to raw materials.

• is not subject to tariffs and quotas.

• possesses a very high standard of living.

Which of the following occurs when a country can produce goods at a relatively more efficient rate than another country:

• Absolute advantage

• Trade surplus

• Trade deficit

• Comparative advantage