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Economics

Who can scarcity be applied to?
The rich
Middle-class Americans
The poor
All of the above
Which of the following best describes a need?
Something needed for pleasure
Something needed for survival
Action or activity performed in exchange for goods
Physical object such as clothes
What is Capital?
Human-made resource used to produce other goods and purposes
Man-made resource used to produce other goods and purposes
Human-made resource used to produce more wants
Man-made resource used to produce more needs
Which of the following is NOT an example of Labor?
A painting being made by an artist
A technician repairing a television
A Pluckers employee
Assembly-line worker tightening a clamp
What is an example of an opportunity cost?
Extra study time, less sleep
Less study time, less sleep
Extra study time, extra sleep
Less study time, extra sleep
 
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