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Chapter 2: Confronting Scarcity: Choices in Production

Multiple Choice

1. Economic resources used in the production process are called:
J J J J J J J J



A) free gifts of the natural environment.
J J J J J



B) factors of production. J J



C) consumer items. J



D) money capital. J




Ans: B J



Difficulty: Easy J




2. An economic system is the set of rules that define
J J and . J J J J J J J J J



A) resources; prices J



B) who gets to vote; when elections will be held
J J J J J J J J



C) market prices; factors of production J J J J



D) how an economy's resources are to be owned; how decisions about the resources are to be made
J J J J J J J J J J J J J J J J




Ans: D J



Difficulty: Medium J




3. The model that shows the goods and services the economy is capable of producing is the model of:
J J J J J J J J J J J J J J J J J



A) utility.
B) the fallacy of composition.
J J J



C) production possibilities. J



D) scarcity.

Ans: C J



Difficulty: Easy J




4. Factors of production are:
J J J



A) the resources the economy has available to produce goods and services.
J J J J J J J J J J



B) generally unlimited in modern economies. J J J J



C) always employed in modern economies.J J J J



D) the knowledge that can be applied to the production of goods and services.
J J J J J J J J J J J J




Ans: A J



Difficulty: Easy J




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5. The three broad types of factors of production are:
J J J J J J J J



A) capital, labor, and natural resources.
J J J J



B) money, profit, and interest. J J J



C) stocks, bonds, and financial assets.
J J J J



D) technology, human capital, and comparative advantage. J J J J J




Ans: A J J



Difficulty: Easy J




6. The three broad types of resources used to produce goods and services are also known as:
J J J J J J J J J J J J J J J



A) economic systems. J



B) factors of production. J J



C) production possibilities. J



D) financial capital. J




Ans: B J J



Difficulty: Easy J




7. Capital is best considered as:
J J J J



A) the natural environment.
J J



B) a factor of production that has been produced.
J J J J J J J



C) financial assets. J



D) money.

Ans: B J J



Difficulty: Easy J




8. A factor of production that has been produced for use in the production of other goods and
J J J J J J J J J J J J J J J J J



services is: J



A) labor.
B) money.
C) capital.
D) natural resources. J




Ans: C J J



Difficulty: Easy J




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9. Labor is the that can be applied to production.
J J J J J J J J



A) the natural environment. J J



B) produced resources. J



C) financial assets. J



D) human effort. J




Ans: D J



Difficulty: Medium J




10. Any factor of production is capital if it:
J J J J J J J



A) was produced and can be used to produce other goods and services.
J J J J J J J J J J J



B) generates utility. J



C) uses human effort to produce goods and services.
J J J J J J J



D) is included in financial capital.
J J J J




Ans: A J



Difficulty: Medium J




11. The factors of production are:
J J J J



A) money, labor, natural resources, and capital. J J J J J



B) technology, human capital, and natural resources. J J J J J



C) money, capital, and natural resources. J J J J



D) labor, capital, and natural resources. J J J J




Ans: D J J



Difficulty: Easy J




12. A factor of production that is produced in order to produce something else is called:
J J J J J J J J J J J J J J



A) money.
B) labor.
C) technology.
D) capital.

Ans: D J J



Difficulty: Easy J




13. Human effort that can be applied in the production process is called:
J J J J J J J J J J J



A) natural resources. J



B) technology.
C) labor.
D) specialization.

Ans: C J J



Difficulty: Easy J



14. Resources from nature that can be used to produce other goods and services are called:
J J J J J J J J J J J J J J



A) money.



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B) natural resources. J



C) labor.
D) capital.

Ans: B J J



Difficulty: Easy J




15. For a factor of production to be called capital it must:
J J J J J J J J J J



A) be produced. J



B) occur in the natural environment. J J J J



C) be a part of human skill. J J J J J



D) be a result of a stock issue. J J J J J J




Ans: A J J



Difficulty: Easy J




16. Which of the following is an example of capital?
J J J J J J J J



A) a gravel truck J J



B) a savings account J J



C) a share of General Motors stock
J J J J J



D) a lake J




Ans: A J



Difficulty: Medium J




17. To be considered capital, a factor of production must:
J J J J J J J J



A) have been produced. J J



B) occur naturally. J



C) be part of a factory or building. J J J J J J



D) be a skill or talent possessed by a person.
J J J J J J J J




Ans: A J



Difficulty: Medium J




18. One of the two criteria for a resource to be considered capital is that it must:
J J J J J J J J J J J J J J J



A) occur naturally. J



B) be part of a factory or building. J J J J J J



C) be a skill or talent possessed by a person.
J J J J J J J J



D) be possible to use it to produce other goods and services.
J J J J J J J J J J




Ans: D J



Difficulty: Medium J




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