TESTBANK TO ACCOMPANY
MACROECONOMICS: An Introduction, Internet Edition
Copyright © 2000- 2009 by Charles R. Nelson
Dated Mar. 30, 2009
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Chapter 1: An Overview of Economics
Section 1.1 Basic Concepts
The terms “economics” and “economist” have their origin in __ . a) Latin, b)
philosophy, c) biology, d) ancient Greek, e) Olde English .
An “economist” was originally the ____ . a) manager of an estate, b) town
mayor, c) ship owner, d) local banker, e) chief priest.
The factor of production that brings together the other three is ____ . a) capital,
b) energy, c) natural resources, d) the ROW, e) entrepreneurship.
Which of the following is not an example of capital as a factor of production? A)
a ship, b) an office building, c) the source code for Microsoft “Windows,” d)
undeveloped land, e) the internet.