Review for SSEF1-SSEF4 Assessment 2

The resources used by humans to produce goods and services are known as

• capital

• labor

• resources

• Knowledge

Government agencies conduct regular inspections of restaurants to ensure compliance with health and food safety standards. How does this impact the operational costs of the restaurants?

• Restaurants may lower food prices as a result of using less expensive ingredients to comply with regulations.

• They may increase prices to offset the expenses associated with adhering to the regulations.

• Inspections lead to higher productivity, resulting in more food being produced.

• Regulations have no impact on the operational costs of restaurants.

If Daniel's Construction Co. purchases land, rents out several cement trucks, and hires 400 construction workers and 50 managers, then the cement trucks represent...

• Labor

• Capital

• Land

• Entrepreneurship

What does a production possibilities curve illustrate?

• the trade-offs between different goods that can be produced

• the maximum output of a single good

• the resources available to society

• the impact of technological advancements on production

In the production of chocolate chip cookies sold in the commercial market, which represents the factor of labor?

• the worker who mixes the dough

• the sugar used in the cookies

• the factory where the cookies are produced

• the truck that delivers the cookies

In a country where individuals have the freedom to choose their jobs, purchase goods, and set prices, what type of economic system is being described?

• Market

• Command

• Traditional

• Mixed

The factors of production are

• Human resources, natural resources, capital resources, and time

• Human resources, natural resources, capital resources, and entrepreneurship

• Consumption, Investment, Government Spending, and Net Exports

• Land, labor, capital, time

A headline reads: "Tech Companies Innovate with Advanced Robotics." What basic economic question is being addressed in this headline?

• for whom to produce?

• when to produce?

• what to produce?

• how to produce?

Joseph and Dominic both wash cars and change oil. They are looking for ways to improve their efficiency. Which of the following would MOST LIKELY help them achieve this?

• Joseph and Dominic take turns washing cars and changing oil

• Joseph washes cars while Dominic changes oil

• Joseph and Dominic wash cars together and then change oil together

• Joseph and Dominic reduce the number of cars they work on

For a market economy to function well, it is MOST important that laws be passed to protect the right to

• military conscription

• political dissent

• free healthcare

• private property