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Resources Test
Contributed by: Marzohl
Labour in economics includes ...

all services to help running a business.

resources and materials needed to get Jobs done.

the combination of factors of production into

      a production process.

all human intellectual and physical effort

      and skills.

What factor of production does this image

best represent?

Labour

Capital

Land

Enterprise

What is another word for 'factors of production?''

needs and wants

resources

opportunity cost

enterprise

What factor of production does the tractor represent?

capital

labour

entrepreneurship

None of the above

What word is missing at the letter A?

scarcity

wants

resources

choice

What is this definition about?

A good or service given up (or forgone) in order

to consume another good or service of equal value.

opportunity cost

scarcity

capital resource

consumer goods

unlimited resources and limited wants

unlimited resources and limited wants

limited resources and unlimited wants

limited resources and limited wants

The economic problem is a problem of ...

You want to go to the beach to cool down AND go

down town with your friends. What is the

opportunity cost of going to the beach?

 

 

relaxing

going swimming

cooling down

going down town

The scarcity principle indicates that ...

with limited resources, having more of "this"

     means having less of "that."

 

no matter how much one has, we all want to

       have more money

 

 compared to 100 years ago, individuals have

       less time today

 

 trade-offs causes resources to be even

       more scarce.

The opportunity cost of a particular activity ...

usually is known with certainty
measures the direct benefits of that activity
is the same for everyone pursuing this activity

may include both monetary costs and

       forgone income

Iron ore and oil are examples of ...

exhaustible resources

renewable resources

capital resources

artificial resources

According to this PPF, what is the approximate

opportunity cost of producing more Pizzas

from point D to Point A?

1 robot

2 robots

3 robots

4 robots

Which of the four scenarios B, C, F and G is not

possible according to this PPF?

B

F

G

C

increasing opportunity cost

economic growth

decreasing opportunity cost

fall of productivity

If an economy's production possibilities frontier

shifted to the right, this would illustrate ... 

 This Hospital allows for 40 operations

       per year.

There are more heart operations than other

     operations

At Points B & C, the hospital

     produces as many heart operations

     as other operations.

At Point A, the Hospital does not use all resources that are available

Which ONE of the following statements is true for

this hospital?

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