Economics Midterm Review (Part 1)

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Economics is a ____ that studies and seeks to allocate scarce human and non-human resources among their users to satisfy their unlimited wants and needs.

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Economics is a social science that studies and seeks to ____ scarce human and non-human resources among their users to satisfy their unlimited wants and needs.

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Economics is a social science that studies and seeks to allocate ____ human and non-human resources among their users to satisfy their unlimited wants and needs.

Scarcity refers to

• A state of being unlimited

• A reality of limited resources

• A reality of limited wants and needs

• A natural truth

Which of the four are NOT one of the four categories of resources

• Land

• Labor/Human Capital

• Capital

• Business

What category of resources refers to the raw materials itself

• Land

• Labor/Human Capital

• Capital

• Entrepreneurs

What category of resources refers to skills, education, or experience

• Land

• Labor/Human Capital

• Capital

• Entrepreneurs

What category of resources refers to physical infrastructure, machines, etc.

• Land

• Labor/Human Capital

• Capital

• Entrepreneurs

What category of resources refers to people who turn raw materials into products

• Land

• Labor/Human Capital

• Capital

• Entrepreneurs

A government decides to raise taxes on big business, and in doing so results in an exodus of conglomerates from the country

• Macroeconomics

• Microeconomics