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t t t t t t t t t t t t
Rittenberg t
Chaptert2:tConfrontingtScarcity:tChoicestintProductiontMultiplet
Choice
1. Economictresourcestusedtintthetproductiontprocesstaretcalled:
A) freetgiftstoftthetnaturaltenvironment.
B) factorstoftproduction.
C) consumertitems.
D) moneytcapital.
Ans:
BtDiffic
ulty:tEasy
2. Anteconomictsystemtistthetsettoftrulestthattdefinet andt .
A) resources;tprices
B) whotgetsttotvote;twhentelectionstwilltbetheld
C) markettprices;tfactorstoftproduction
D) howtanteconomy'stresourcestarettotbetowned;thowtdecisionstabouttthetresourcestarettotbetmade
Ans:
Dt Difficulty
:tMedium
3. Thetmodeltthattshowstthetgoodstandtservicesttheteconomytistcapabletoftproducingtistthetmodeltof:
A) utility.
B) thetfallacytoftcomposition.
C) productiontpossibilities.
D) scarcity.
Ans:
CtDiffic
ulty:tEasy
4. Factorstoftproductiontare:
A) thetresourcesttheteconomythastavailablettotproducetgoodstandtservices.
B) generallytunlimitedtintmodernteconomies.
C) alwaystemployedtintmodernteconomies.
D) thetknowledgetthattcantbetappliedttotthetproductiontoftgoodstandtservices.
Ans:
AtDiffic
ulty:tEasy
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5. Thetthreetbroadttypestoftfactorstoftproductiontare:
A) capital,tlabor,tandtnaturaltresources.
B) money,tprofit,tandtinterest.
C) stocks,tbonds,tandtfinancialtassets.
D) technology,thumantcapital,tandtcomparativetadvantage.
Ans:t AtDifficult
y:tEasy
6. Thetthreetbroadttypestoftresourcestusedttotproducetgoodstandtservicestaretalsotknowntas:
A) economictsystems.
B) factorstoftproduction.
C) productiontpossibilities.
D) financialtcapital.
Ans:t BtDifficult
y:tEasy
7. Capitaltistbesttconsideredtas:
A) thetnaturaltenvironment.
B) atfactortoftproductiontthatthastbeentproduced.
C) financialtassets.
D) money.
Ans:t BtDifficult
y:tEasy
8. Atfactortoftproductiontthatthastbeentproducedtfortusetintthetproductiontoftothertgoodstandts
ervicestis:
A) labor.
B) money.
C) capital.
D) naturaltresources.
Ans:t CtDifficult
y:tEasy
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9. Labortistthet thattcantbetappliedttotproduction.
A) thetnaturaltenvironment.
B) producedtresources.
C) financialtassets.
D) humanteffort.
Ans:t D
Difficulty:tMedium
10. Anytfactortoftproductiontistcapitaltiftit:
A) wastproducedtandtcantbetusedttotproducetothertgoodstandtservices.
B) generatestutility.
C) usesthumanteffortttotproducetgoodstandtservices.
D) istincludedtintfinancialtcapital.
Ans:t A
Difficulty:tMedium
11. Thetfactorstoftproductiontare:
A) money,tlabor,tnaturaltresources,tandtcapital.
B) technology,thumantcapital,tandtnaturaltresources.
C) money,tcapital,tandtnaturaltresources.
D) labor,tcapital,tandtnaturaltresources.
Ans:t DtDifficult
y:tEasy
12. Atfactortoftproductiontthattistproducedtintorderttotproducetsomethingtelsetistcalled:
A) money.
B) labor.
C) technology.
D) capital.
Ans:t DtDifficult
y:tEasy
13. Humantefforttthattcantbetappliedtintthetproductiontprocesstistcalled:
A) naturaltresources.
B) technology.
C) labor.
D) specialization.
Ans:t CtDifficult
y:tEasy
14. Resourcestfromtnaturetthattcantbetusedttotproducetothertgoodstandtservicestaretcalled:
A) money.
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B) naturaltresources.
C) labor.
D) capital.
Ans:t BtDifficult
y:tEasy
15. Fortatfactortoftproductionttotbetcalledtcapitaltittmust:
A) betproduced.
B) occurtintthetnaturaltenvironment.
C) betatparttofthumantskill.
D) betatresulttoftatstocktissue.
Ans:t AtDifficult
y:tEasy
16. Whichtoftthetfollowingtistantexampletoftcapital?
A) atgravelttruck
B) atsavingstaccount
C) atsharetoftGeneraltMotorststock
D) atlake
Ans:t A
Difficulty:tMedium
17. Totbetconsideredtcapital,tatfactortoftproductiontmust:
A) havetbeentproduced.
B) occurtnaturally.
C) betparttoftatfactorytortbuilding.
D) betatskilltorttalenttpossessedtbytatperson.
Ans:t A
Difficulty:tMedium
18. Onetoftthettwotcriteriatfortatresourcettotbetconsideredtcapitaltistthattittmust:
A) occurtnaturally.
B) betparttoftatfactorytortbuilding.
C) betatskilltorttalenttpossessedtbytatperson.
D) betpossiblettotusetitttotproducetothertgoodstandtservices.
Ans:t D
Difficulty:tMedium
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t t t t t t t t t t t t
Rittenberg t
Chaptert2:tConfrontingtScarcity:tChoicestintProductiontMultiplet
Choice
1. Economictresourcestusedtintthetproductiontprocesstaretcalled:
A) freetgiftstoftthetnaturaltenvironment.
B) factorstoftproduction.
C) consumertitems.
D) moneytcapital.
Ans:
BtDiffic
ulty:tEasy
2. Anteconomictsystemtistthetsettoftrulestthattdefinet andt .
A) resources;tprices
B) whotgetsttotvote;twhentelectionstwilltbetheld
C) markettprices;tfactorstoftproduction
D) howtanteconomy'stresourcestarettotbetowned;thowtdecisionstabouttthetresourcestarettotbetmade
Ans:
Dt Difficulty
:tMedium
3. Thetmodeltthattshowstthetgoodstandtservicesttheteconomytistcapabletoftproducingtistthetmodeltof:
A) utility.
B) thetfallacytoftcomposition.
C) productiontpossibilities.
D) scarcity.
Ans:
CtDiffic
ulty:tEasy
4. Factorstoftproductiontare:
A) thetresourcesttheteconomythastavailablettotproducetgoodstandtservices.
B) generallytunlimitedtintmodernteconomies.
C) alwaystemployedtintmodernteconomies.
D) thetknowledgetthattcantbetappliedttotthetproductiontoftgoodstandtservices.
Ans:
AtDiffic
ulty:tEasy
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t t t t t t t t t t t t
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5. Thetthreetbroadttypestoftfactorstoftproductiontare:
A) capital,tlabor,tandtnaturaltresources.
B) money,tprofit,tandtinterest.
C) stocks,tbonds,tandtfinancialtassets.
D) technology,thumantcapital,tandtcomparativetadvantage.
Ans:t AtDifficult
y:tEasy
6. Thetthreetbroadttypestoftresourcestusedttotproducetgoodstandtservicestaretalsotknowntas:
A) economictsystems.
B) factorstoftproduction.
C) productiontpossibilities.
D) financialtcapital.
Ans:t BtDifficult
y:tEasy
7. Capitaltistbesttconsideredtas:
A) thetnaturaltenvironment.
B) atfactortoftproductiontthatthastbeentproduced.
C) financialtassets.
D) money.
Ans:t BtDifficult
y:tEasy
8. Atfactortoftproductiontthatthastbeentproducedtfortusetintthetproductiontoftothertgoodstandts
ervicestis:
A) labor.
B) money.
C) capital.
D) naturaltresources.
Ans:t CtDifficult
y:tEasy
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9. Labortistthet thattcantbetappliedttotproduction.
A) thetnaturaltenvironment.
B) producedtresources.
C) financialtassets.
D) humanteffort.
Ans:t D
Difficulty:tMedium
10. Anytfactortoftproductiontistcapitaltiftit:
A) wastproducedtandtcantbetusedttotproducetothertgoodstandtservices.
B) generatestutility.
C) usesthumanteffortttotproducetgoodstandtservices.
D) istincludedtintfinancialtcapital.
Ans:t A
Difficulty:tMedium
11. Thetfactorstoftproductiontare:
A) money,tlabor,tnaturaltresources,tandtcapital.
B) technology,thumantcapital,tandtnaturaltresources.
C) money,tcapital,tandtnaturaltresources.
D) labor,tcapital,tandtnaturaltresources.
Ans:t DtDifficult
y:tEasy
12. Atfactortoftproductiontthattistproducedtintorderttotproducetsomethingtelsetistcalled:
A) money.
B) labor.
C) technology.
D) capital.
Ans:t DtDifficult
y:tEasy
13. Humantefforttthattcantbetappliedtintthetproductiontprocesstistcalled:
A) naturaltresources.
B) technology.
C) labor.
D) specialization.
Ans:t CtDifficult
y:tEasy
14. Resourcestfromtnaturetthattcantbetusedttotproducetothertgoodstandtservicestaretcalled:
A) money.
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B) naturaltresources.
C) labor.
D) capital.
Ans:t BtDifficult
y:tEasy
15. Fortatfactortoftproductionttotbetcalledtcapitaltittmust:
A) betproduced.
B) occurtintthetnaturaltenvironment.
C) betatparttofthumantskill.
D) betatresulttoftatstocktissue.
Ans:t AtDifficult
y:tEasy
16. Whichtoftthetfollowingtistantexampletoftcapital?
A) atgravelttruck
B) atsavingstaccount
C) atsharetoftGeneraltMotorststock
D) atlake
Ans:t A
Difficulty:tMedium
17. Totbetconsideredtcapital,tatfactortoftproductiontmust:
A) havetbeentproduced.
B) occurtnaturally.
C) betparttoftatfactorytortbuilding.
D) betatskilltorttalenttpossessedtbytatperson.
Ans:t A
Difficulty:tMedium
18. Onetoftthettwotcriteriatfortatresourcettotbetconsideredtcapitaltistthattittmust:
A) occurtnaturally.
B) betparttoftatfactorytortbuilding.
C) betatskilltorttalenttpossessedtbytatperson.
D) betpossiblettotusetitttotproducetothertgoodstandtservices.
Ans:t D
Difficulty:tMedium
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