Econ 101 Exam #1 Iowa State University
Questions With Correct Answers
Economics - CORRECT ANSWER✔✔-The study of choice under
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conditions of scarcity. | |
Scarcity - CORRECT ANSWER✔✔-A situation in which the amount of
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something available is insufficient to satisfy the desire for it.
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Opportunity cost - CORRECT ANSWER✔✔-What is given up when taking
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an action or making a choice.
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Explicit cost - CORRECT ANSWER✔✔-The dollars sacrificed- and actually
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paid out- for a choice.
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Implicit cost - CORRECT ANSWER✔✔-The value of something sacrificed
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when no direct payment is made.
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Resources - CORRECT ANSWER✔✔-The labor, capital, land (including
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natural resources), and entrepreneurship that are used to produce
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goods and services.
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, Labor - CORRECT ANSWER✔✔-The time human beings spend producing
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goods and services.
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Capital - CORRECT ANSWER✔✔-A long-lasting tool that is used to
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produce other goods. | |
Physical capital - CORRECT ANSWER✔✔-The part of stock consisting of
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physical goods, such as machinery, equipment, and factories.
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Human capital - CORRECT ANSWER✔✔-The skills and training of the
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labor force.
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Capital stock - CORRECT ANSWER✔✔-The total amount of capital in a
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nation that is productively useful at a particular point in time.
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Land - CORRECT ANSWER✔✔-The physical space on which production
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takes place, as well as the natural resources that come with it.
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Entrepreneurship - CORRECT ANSWER✔✔-The ability and willingness to | | | | | | |
combine the other resources- labor, capital, and land- into a productive
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enterprise.
Input - CORRECT ANSWER✔✔-Anything (including a resource) used to
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produce a good or service. | | | |
Questions With Correct Answers
Economics - CORRECT ANSWER✔✔-The study of choice under
| | | | | | | |
conditions of scarcity. | |
Scarcity - CORRECT ANSWER✔✔-A situation in which the amount of
| | | | | | | | | |
something available is insufficient to satisfy the desire for it.
| | | | | | | | |
Opportunity cost - CORRECT ANSWER✔✔-What is given up when taking
| | | | | | | | |
an action or making a choice.
| | | | | |
Explicit cost - CORRECT ANSWER✔✔-The dollars sacrificed- and actually
| | | | | | | | |
paid out- for a choice.
| | | |
Implicit cost - CORRECT ANSWER✔✔-The value of something sacrificed
| | | | | | | | |
when no direct payment is made.
| | | | |
Resources - CORRECT ANSWER✔✔-The labor, capital, land (including
| | | | | | | |
natural resources), and entrepreneurship that are used to produce
| | | | | | | | |
goods and services.
| |
, Labor - CORRECT ANSWER✔✔-The time human beings spend producing
| | | | | | | |
goods and services.
| | |
Capital - CORRECT ANSWER✔✔-A long-lasting tool that is used to
| | | | | | | | | |
produce other goods. | |
Physical capital - CORRECT ANSWER✔✔-The part of stock consisting of
| | | | | | | | | |
physical goods, such as machinery, equipment, and factories.
| | | | | | |
Human capital - CORRECT ANSWER✔✔-The skills and training of the
| | | | | | | | | |
labor force.
|
Capital stock - CORRECT ANSWER✔✔-The total amount of capital in a
| | | | | | | | | | |
nation that is productively useful at a particular point in time.
| | | | | | | | | |
Land - CORRECT ANSWER✔✔-The physical space on which production
| | | | | | | | |
takes place, as well as the natural resources that come with it.
| | | | | | | | | | |
Entrepreneurship - CORRECT ANSWER✔✔-The ability and willingness to | | | | | | |
combine the other resources- labor, capital, and land- into a productive
| | | | | | | | | | | |
enterprise.
Input - CORRECT ANSWER✔✔-Anything (including a resource) used to
| | | | | | | | |
produce a good or service. | | | |
