Economics Review

Julia works for Amazon as a truck driver. What type of resource is Jennifer?

• a capital resource

• a natural resource

• a human resource

• an entrepreneurial resource

What do human resources provide to businesses?

• land

• labor

• capital

• income

Which type of productive resource is a tree?

• a natural resource

• a human resource

• an entrepreneur

• a capital good

Jimmy wants to open his own car repair shop. He has plenty of workers, but he does not have a building. What type of resource is the building?

• land resource

• natural resource

• human resource

• capital resource

Why are entrepreneurs called “risk-takers”?

• Because they are guaranteed success at their new business

• Because they get charged more taxes than other business owners

• Because they combine land, labor, and capital to start a new business

• Because they could lose all of their money starting a new business

What is a tax?

• a service the government provides to its citizens.

• money people have leftover after purchasing goods.

• money that people pay to help support the government.

• a service that people provide by working for the government.

Which of the following are MOST LIKELY paid with money collected through taxes?

• barbers, waitresses, cooks

• teachers, firefighters, mayors

• builders, mechanics, truckers

• reporters, farmers, painters

In the marketplace, who is a consumer?

• A person who works at a job.

• A person who provides a service.

• A person who gets a loan from a bank.

• A person who buys goods and services.

What is the name of the place where people buy and sell goods?

• factory

• assembly line

• industrial center

• marketplace

Why do countries create currency?

• so people can become wealthy

• so people can buy goods and services

• so people can pay taxes to the government

• so people can trade labor for goods and services