Econ 102 Test One – Flashcards
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could be either a reward or a penalty
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An incentive
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All of the above answers are correct
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Which of the following is an example of a microeconomic decision?
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an incentive.
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An inducement to take a particular action is called
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land, labor, capital and entrepreneurship.
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Factors of production include
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investment in human capital
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Samantha goes to college to become an engineer. This is an example of an
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100 shares of Microsoft stock
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Which of the following is NOT a factor of production?
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I, II, III and IV
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Which of the following are considered factors of production used to produce goods and services?
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land, labor, capital, entrepreneurship
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Factors of production are grouped into four categories
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Who consumes the goods and services that are produced?
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Differences in income are most directly related to which of the following economic question?
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"how"
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When China builds a dam using few machines and a great deal of labor, it is answering the ________ part of one of the two big economic questions
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175 shares of Microsoft stock
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Which of the following NOT a factor of production?
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A student purchases a laptop computer
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Which of the following is NOT an investment in human capital?
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"what"
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When an economy produces more houses and fewer typewriters, it is answering the ________ part of one of the two big economic questions.
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buildings and equipment
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In economics, the term "capital" refers to
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