Econ review

The four factors of production (or types of resources) are:

• land, labor, capital, and money.

• land, labor, capital, and entrepreneurial ability.

• labor, capital, technology, and entrepreneurial ability.

• labor, capital, entrepreneurial ability, and money.

In a world of scarce resources, allocating resources to one project will leave

• fewer resources for other projects.

• exactly the same amount of resources for other projects.

• unlimited resources for other projects.

• more resources for other projects.

As a consequence of the problem of scarcity

• there is always enough resources.

• individuals have to make choices from among alternatives.

• only some people can "have it all."

• things that are plentiful have relatively high prices.

A recurring theme in economics is that people:

• have unlimited resources but limited economic wants

• can increase resources by limiting their economic wants

• have limited economic wants and limited resources

• have unlimited economic wants but limited resources

Which of the following lists includes only capital resources (and therefore no labor or land resources)?

• an ice arena; a professional hockey player; hockey uniforms

• the owner of a new startup firm; a chemistry lab; a researcher

• a hydroelectric dam; water behind the dam; power lines

• automobiles owned by a car rental firm; computers at the car rental agency; the vans that shuttle rental customers to and from the airport

Which of the following is a labor resource?

• a computer programmer

• a computer

• silicon (sand) used to make computer chips

• a piece of software used by a firm