Question

Apples are part of which factor of production?
A. land
B. labor
C. capital
D. scarcity

Answer 1

Which of the following is NOT a factor of production?
A. land
B. labor
C. capital
D. pollution

Answer 2

When a scientist is applying knowledge from her degree to create something, she is using ___________ capital.
A. human
B. mental
C. physical
D. personal

Answer 3

What is the difference between scarcity and shortage?
A. Scarcity is temporary while a shortage is permanent.
B. Scarcity occurs when goods and services are low because prices are high.
C. Shortages are temporary while scarcity always exists because there will always be a greater need for limited resources.
D. A shortage will always exist because when a drought kills crops, those crops are not salvageable, scarcities are temporary.

Answer 4

Which of the following would be considered an example of seasonal scarcity?
A. growing consumable produce in cycles
B. stocking non-perishable items year round
C. an item that is in large supply, yet low demand
D. an item that is in large supply and high demand