ECONOMICS CHAPTER 2 QUESTIONS AND GRADED
ANSWERS, 100% GUARANTEE
Items that are purchased by individuals for their own enjoyment are called
A) exports of goods and services
B) government goods and services
C) consumption goods and services
D) private goods
E) capital goods - consumption goods and services
Which of the following is a consumption good or service?
A) a United Airline ticket counter
B) a satellite dish installed by Cox Cable to download programs that are then distributed through
its cable system
C) a personal computer purchased in order to play games at home
D) a United Parcel Service truck delivering Christmas gifts
E) the Endeavor space shuttle - a personal computer purchased in order to play games at
home
The largest share of total production in the United States is
A) consumption goods and services
B) imported goods and services
C) capital goods
D) exported goods and services
E) government goods and services - consumption goods and services
,What would be an example of capital good?
A) Jeanette buys a new dress
B) Antonio, the manager of the local Taco Hut, purchases a new deep fryer
C) The local driver's license office purchases a new digital camera and printer
D) Rhianna gets a haircut
E) Apple sells computers to Japan - Antonio, the manager of the local Taco Hut,
purchases a new deep fryer
Which of the following is NOT considered one of the factors of production?
A) technology
B) capital
C) land
D) labor
E) entrepreneurship - technology
As a factor of production, oil reserves are counted as
A) land
B) labor
C) capital
D) entrepreneurship
E) financial capital - land
The concept of human capital describes
, A) the number of workers per operating machine
B) human population, that is, the quantity of labor
C) human skills, that is, the quality of labor
D) the number of machines (capital) that have been produced by people (humans)
E) the number of machines per employed worker. - human skills, that is, the quality of
labor
Jan is attending college and studying to be an investment broker. To improve her chances of
employment following college, she has interned at a top brokerage firm during the last two
summers. Jan's internship has increased her
A) consumption services
B) natural resources
C) natural labor
D) human capital
E) entrepreneurship capital - human capital
Which of the following is NOT directly related to human capital?
A) an understanding of real estate markets
B) a college education
C) a summer internship
D) knowledge of computer programming
E) an MRI machine - an MRI machine
Capital, as a factor of production, refers to
A) the tools and instruments used to produce other goods and services
B) the production factors imported from abroad
ANSWERS, 100% GUARANTEE
Items that are purchased by individuals for their own enjoyment are called
A) exports of goods and services
B) government goods and services
C) consumption goods and services
D) private goods
E) capital goods - consumption goods and services
Which of the following is a consumption good or service?
A) a United Airline ticket counter
B) a satellite dish installed by Cox Cable to download programs that are then distributed through
its cable system
C) a personal computer purchased in order to play games at home
D) a United Parcel Service truck delivering Christmas gifts
E) the Endeavor space shuttle - a personal computer purchased in order to play games at
home
The largest share of total production in the United States is
A) consumption goods and services
B) imported goods and services
C) capital goods
D) exported goods and services
E) government goods and services - consumption goods and services
,What would be an example of capital good?
A) Jeanette buys a new dress
B) Antonio, the manager of the local Taco Hut, purchases a new deep fryer
C) The local driver's license office purchases a new digital camera and printer
D) Rhianna gets a haircut
E) Apple sells computers to Japan - Antonio, the manager of the local Taco Hut,
purchases a new deep fryer
Which of the following is NOT considered one of the factors of production?
A) technology
B) capital
C) land
D) labor
E) entrepreneurship - technology
As a factor of production, oil reserves are counted as
A) land
B) labor
C) capital
D) entrepreneurship
E) financial capital - land
The concept of human capital describes
, A) the number of workers per operating machine
B) human population, that is, the quantity of labor
C) human skills, that is, the quality of labor
D) the number of machines (capital) that have been produced by people (humans)
E) the number of machines per employed worker. - human skills, that is, the quality of
labor
Jan is attending college and studying to be an investment broker. To improve her chances of
employment following college, she has interned at a top brokerage firm during the last two
summers. Jan's internship has increased her
A) consumption services
B) natural resources
C) natural labor
D) human capital
E) entrepreneurship capital - human capital
Which of the following is NOT directly related to human capital?
A) an understanding of real estate markets
B) a college education
C) a summer internship
D) knowledge of computer programming
E) an MRI machine - an MRI machine
Capital, as a factor of production, refers to
A) the tools and instruments used to produce other goods and services
B) the production factors imported from abroad
