Question $1$

$2$ Points

What is scarcity?

a problem only in industrialized economies

a condition measured by the quantity of goods available

a subjective concept that human wants can never be satisfied

a problem only in poor economies

Question $2$

Question $2$

$2$ Points

Human wants:$$

are unfilled only in the poorer countries of the world.$$

can be completely satisfied by advancing technology.$$

can never be fully satisfied.$$

only apply to necessities.$$

exist only if we are selfish.$$

Question $3$

Question $3$

$2$ Points

Economists believe that scarcity forces everyone to do which of the following?$$

satisfy all their wants

abandon consumer sovereignty

lie about their wants

create unlimited resources

make choices

Question $4$

Question $4$

$2$ Points

Natural resources are $\_\_\_\_\_\_\_\_\_\_\_\_\_.$

not considered scarce, because no one pays for them

only desired for use in producing other goods

included in the category of resources called land

available in unlimited quantities

Question $5$

Question $5$

$2$ Points

What is an entrepreneur?

an individual who has much education

an organizer who seeks profitable opportunities and is willing to accept risks$$

a business organization that uses inputs to produce output

a depot or warehouse for commercial products

Question $6$

Question $6$

$2$ Points

Which of the following is not an example of a factor of production?$$

a forest

a computer program

a labor leader

dollars

Question $7$

Question $7$

$2$ Points

The sun is an example of $\_\_\_\_\_\_\_\_.$

a natural resource$$

capital

labor

none of these$$

Question $8$

Question $8$

$2$ Points

Which of the following is not a resource?$$

land

labor

money

capital

Question $9$

Question $9$

$2$ Points

Which of the following is the best example of a nonrenewable resource?$$

forests

oil

clean air

fish in the ocean