ECON 100 QUIZ #2 QUESTIONS AND
CORRECT ANSWERS
The concept of human capital describes
A.
the number of machines (capital) that have been produced by people (humans).
B.
human population, that is, the quantity of labor.
C.
the number of workers per operating machine.
D.
human skills, that is, the quality of labor.
E.
the number of machines per employed worker. ✅✅CORRECT ANSW-D
Payments to the factors of production are
A.
rent, interest, bonds, and profit or loss.
B.
rent, wages, interest, and profit or loss.
C.
rent, wages, profit or loss, and bonus.
D.
rent, mortgage, interest, and bonds.
E.
land, labor, capital, and entrepreneurship. ✅✅CORRECT ANSW-B
When the total U.S. production of goods and services is divided into consumption goods and
services, capital goods, government goods and services, and export goods and services, the largest
component is
A.
, consumption goods and services.
B.
capital goods.
C.
capital goods and government goods and services tie for the largest component.
D.
government goods and services.
E.
export goods and services. ✅✅CORRECT ANSW-A
Most of the world's population lives in
A.
island nations.
B.
advanced economies.
C.
developing economies.
D.
transition economies.
E.
emerging market economies. ✅✅CORRECT ANSW-C
The emerging market economies are
A.
the nations with the highest standards of living.
B.
in transition from state - owned production to free markets.
C.
most of the nations of Western Europe.
D.
the nations that are currently agricultural in nature.
CORRECT ANSWERS
The concept of human capital describes
A.
the number of machines (capital) that have been produced by people (humans).
B.
human population, that is, the quantity of labor.
C.
the number of workers per operating machine.
D.
human skills, that is, the quality of labor.
E.
the number of machines per employed worker. ✅✅CORRECT ANSW-D
Payments to the factors of production are
A.
rent, interest, bonds, and profit or loss.
B.
rent, wages, interest, and profit or loss.
C.
rent, wages, profit or loss, and bonus.
D.
rent, mortgage, interest, and bonds.
E.
land, labor, capital, and entrepreneurship. ✅✅CORRECT ANSW-B
When the total U.S. production of goods and services is divided into consumption goods and
services, capital goods, government goods and services, and export goods and services, the largest
component is
A.
, consumption goods and services.
B.
capital goods.
C.
capital goods and government goods and services tie for the largest component.
D.
government goods and services.
E.
export goods and services. ✅✅CORRECT ANSW-A
Most of the world's population lives in
A.
island nations.
B.
advanced economies.
C.
developing economies.
D.
transition economies.
E.
emerging market economies. ✅✅CORRECT ANSW-C
The emerging market economies are
A.
the nations with the highest standards of living.
B.
in transition from state - owned production to free markets.
C.
most of the nations of Western Europe.
D.
the nations that are currently agricultural in nature.
