Economic Fundamentals questions Question d. c. b. a. synonym forthe word "entrepreneur"? Which theseterms of is the BEST student employee home owner business owner Answer d. c. b. a. synonym forthe word "entrepreneur"? Which theseterms of is the BEST student employee home owner owner business Questionproduce goods. d. the c. the b. the a. the resources, capital can bedefined as As oneofthefactors of production/productive people people that purchase goods services. and goods and services a a goodsbusiness produces. andservices equipment and factories needed to laborneeded tosupply of produce goods. Answerproducegoods. d. c. b. a. resources,capital can be defined as the factors of As one production/productiveof the people that purchase goodsand services. the goods and services a the goodsa business produces. andservices the supply of laborneededtothe supplyof produce goods. the equipment andfactories toneeded Question d. results demand. of supplyand c. factors of production. b. results ofproduction. a. basisofemployment. are the Land, labor, capital, and entrepreneurship Answer d. results demand. of supplyand c. b. results ofproduction. a. basisofemployment. are the Land, labor, capital, and entrepreneurship factorsof production. Question d. hiringnew employee c. buyingnew equipment b. renting space a. advertising investmentfor acompany? Which theseBEST of represents capital Answer d. hiringnew employee c. b. renting space a. advertising investmentfor acompany? Which theseBEST of represents capital buying newbuying equipment Question nations. naturalresources impacttheand economies of other the developingd. countries willlearn to bargain theirwith countries to become more economically independent. c. more developed countries donotwant developing countriesto begin use more naturalresources. theb. rate of depletionwill increase as developing the existingdeveloped countries. a. thenewly developed countries will industriallyovertake world's capital resources, new challenges to thesupply of the As developing nations industrialize and make use of natural resources will no will doubt appear because Answer nations. naturalresources impacttheand economies of other the developingd. countries willlearn to bargain theirwith countries to become more economically independent. c. more developed countries donotwant developing countries begin to usemore natural resources. b. the existingdeveloped countries. a. thenewly developed countries will industriallyovertake world's natural resources no will doubt appear because capital resources, new challenges to thesupply of the As developing nations industrialize and make use of the rate of depletion will increase as developing Question d. opportunity costd. opportunity c. residual cost b. marginal cost a. fixedcost movie? pays forinsteadlesson apiano of going to a of costWhich type occurs when anindividual Answer d. c. residual cost b. marginal cost a. fixedcost movie? pays fora pianolesson instead going of to a Which type ofcost occurs when an individual opportunity costopportunity Question of goods andresources. d. is an only issue whenthere is not ascarcity to dosomethingelse. c. thenext b. whengoods are recycled into othergoods. a. usually absent in acommand economy. costAn opportunity is - best alternative you give inorder up Answer of goods andresources. d. is an only issue whenthere is not ascarcity orderto else. dosomething c. b. whengoods are recycled into othergoods. a. usually absent in acommand economy. costAn opportunity is the next - best alternativeyou give upin Question d. thed. profits hewould make from hissportinggoods store tohe has c. theopportunityown run hisbusiness theb. property tax he would paythe onbuilding toa. theopportunityrent toit another tenant what is the opportunity cost of this decision? If would like to rent thespace toopen a gym. building has considered opening a sporting goods store in Mr. Stevens owns a building in downtown Bentonville. He Mr. Stevens decides toopen his but has also been approached by someone who sporting sporting goods the store, Answer d. thed. profits hewould make from hissportinggoods store tohe has c. theopportunityown run hisbusiness theb. property tax he would paythe onbuilding a. what is the opportunity cost of this decision? If Mr. Stevens decides toopen his sporting goods store, would like to rent thespace toopen a gym. building but has also been approached by someone who has considered opening a sporting goods store in the Mr. Stevens owns a building in downtown Bentonville. He the opportunity the opportunity torent it to another tenant Question d. opportunity cost.d. opportunity c. hyper inflation. b. scarcity. a. capital. resourcesis called unlimitedwants exceed limited productive The basiceconomic condition that exists when Answer d. opportunity cost.d. opportunity c. hyper inflation. b. a. capital. resourcesis called unlimitedwants exceed limited productive The basiceconomic condition that exists when scarcity. Question resources are limited. d. while wants peoples' are unlimited, wanting more. c. governments create scarcity to keep people b. natural disasters create frequent shortages. a. people and theirtools are inefficient. be scarcityis because The BEST explanationof why therewill always Answer resourcesare limited. d. wanting more. c. governments create scarcity to keep people b. natural disasters create frequent shortages. a. people and theirtools are inefficient. be scarcityis because The BEST explanationof why therewill always while peoples' wantswhile peoples' are unlimited, Question d. specialization. c. economics. b. deregulation. a. allocation. conditionsof scarcity is societymake the under optimalchoices The studyinstitutions,of howand individuals, Answer d. specialization c. b. deregulation. a. allocation. conditionsof scarcity is societymake the under optimalchoices The studyinstitutions,of howand individuals, economics . . Question d. natural c. human b. financial a. capital What typeofresourcedata doesthe • • • the IT businesswill be responsible for over 25% newof the jobs throughout IT field More than 100,000 newwill businesses emerge as aresult ofthe growing Global Information Technology (IT) employment will rise by 7.1 million jobs world Software Economy (2007 to 2011) represent ? Answer d. natural c. financial b. a. capital What typeofresourcedata doesthe represent? • • • world ITbusiness will be responsiblefor over25% of the new jobs throughout the field More than100,000 new businesseswill emerge as a result of the growing IT Global Information Technology (IT)employment will rise by 7.1 million jobs human Software Economy (2007 to 2011) Question d. land c. labor b. entrepreneurship a. capital production? time. Thisoven representswhich factor of accommodatetwenty loaves ofbread at a purchasedan industrialoven which can Mr . Green anew opening bakery. is He has Answer d. land c. labor b. entrepreneurship a. production? time. Thisoven representswhich factor of accommodatetwenty loaves ofbread at a purchasedan industrialoven which can Mr. Green anew opening bakery. is He has capital