ECON 2301 (Ch.2 Quiz)

ECON 2301 (Ch.2 Quiz) - Quiz-Chapter Two 1. Scarcity...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Quiz-Chapter Two 1. Scarcity implies that it is impossible to completely fulfill the unlimited human desire for goods and services with the limited resources available. 2. Raylene works at an accounting firm, her effort in working for the firm is considered what type of resource? Labor 3. Land as a factor of production can include all of the following: trees, a flock of sheep, a water body, a limestone deposit. 4. Which of the following would be an example of entrepreneurship? Building up a banking business. 5. An example of physical capital is a chainsaw. 6. Human capital is the expertise of knowledge possessed by workers. 7. The expression, “There is no such thing as a free lunch” implies that costs are incurred when resources are used to produce goods and services. 8. What is the definition of opportunity cost? The value of the best foregone alternative that was not chosen. 9. The opportunity cost of going to college includes both the tuition and the value of the student’s time.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 10/01/2011 for the course ECON 2301 taught by Professor Butler during the Spring '08 term at Blinn College.

Page1 / 2

ECON 2301 (Ch.2 Quiz) - Quiz-Chapter Two 1. Scarcity...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online