Q1: Chose the correct answer for the following questions: 1) Scarcity arises bec
ID: 1133775 • Letter: Q
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Q1: Chose the correct answer for the following questions: 1) Scarcity arises because A) Resources are finite and are inadequate to meet all human wants and needs. B) Import taxes depress the rate of growth of goods and services production. C) International companies are slow to explore for new resources. D) Many countries waste goods because of inefficient political systems. 2) In economic terminology, the accumulated training and education that workers receive to increase th productivity is referred to as A) Entrepreneurship. B) Human capital. C) Labor. D) Physical capital. 3) Economic goods are defined as A) Tangible items only. B) Services only. C) Anything from which an individual derives satisfaction. D) Any item which is available in sufficient quantity at zero price. 4) Production refers to A) Physically producing material goods only B) Any activity carried on by a firm, whether a corporation, partnership, or sole proprietorship. C) Any activity that results in the conversion of resources into goods and services that can be consur D) Any activity that causes a material conversion of manufactured goods. 5) The opportunity cost of attending college might best be described as A) The money that must be paid in order to attend college B) The lowest-valued alternative use of the student's time. C) The highest-valued alternative use of the student's time. D) The value that the student attaches to not working. 6) The production possibilities curve represents A) The maximum amount of labor and capital available to society B) The combinations of goods and services among which consumers are indifferent. The maximum combination of goods and services that can be produced with fixed resources a The maximum rate of growth of capital and labor in a country C) technology, given efficient use of the resources. D)Explanation / Answer
1. Scarcity arises because resources are finite and are inadequate to meet all human wants and needs. Hence, option(A) is correct.
2. In economic terminology,the accumulated training and education that workers receive to increase the productivity is referred to as Human capital . Hence, option(B) is correct.
3. Economic goods are defined as anything from which an individual derives satisfaction. Hence, option(C) is correct.
4. Production refers to the process that any activity that results in the conversion of resources into goods and services that can be consumed. Hence, option(C) is correct.
5. The opportunity cost of attending college might best be described as the highest-valued alternative use of the student's time. Hence, option(C) is correct.
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