Economics Final

What is scarcity? 

• Giving something up to have something else
• Extra cost of production
• The condition that results form having unlimited wants with limited resources
• Rise in general level of prices and workers need more money

Which of the following is NOT a natural resource?

• Oil
• Water
• Car
• Air

Which of the following IS a capital resource?

• Wood
• Computer
• Labor
• Knowledge

What happens when demand is bigger than supply?

• Deflation
• Surplus
• Demand
• Shortage

The gross national product of a country would be studied in:

• Microeconomics

• Macroeconomics

• Business relations

Why someone chooses to buy one product over another is included in the study of ____________.

• Microeconomics

• Macroeconomics

• Business relations

Roads, ports, internet networks, airports are examples of

• human capital

• infrastructure

• land

• labor

A stove would be an example of a __________

• Natural resource

• Human Resource

• Capital resource

A bank teller is an example of a _____________.

• Capital resource

• Natural resource

• Human resource

A tuna would be classified as a _________.

• Capital resource

• Natural resource

• Human resource