Directions: Write the letter of the correct answer in the blank provided. Which of the following is an example of using physical capital to save time and money? a. hiring more workers b. expanding a factory c. switching from oil to coal (a)lowering workers' wages What is the difference between a shortage and a scarcity? a. A shortage can be temporary or long-term, but scarcity always exists. b. A shortage results from rising prices; scarcity results from falling prices. c. A shortage is a lack of all goods and services; scarcity concerns one item. d. There is no real difference between a shortage and a scarcity. Which of the following are factors of production? c. technology and productivity a. capital and land b.scarcity and shortages ). Which of the following people is an entrepreneur? d. economics and business decisions (a.)a person who creates a game and sells it to a game manufacturer b. a singer or dancer c. a person who runs a cleaning supplies business that employs others d. a computer prógrammer

Directions: Write the letter of the correct answer in the blank provided. Which of the following is an example of using physical capital to save time and money? a. hiring more workers b. expanding a factory c. switching from oil to coal (a)lowering workers' wages What is the difference between a shortage and a scarcity? a. A shortage can be temporary or long-term, but scarcity always exists. b. A shortage results from rising prices; scarcity results from falling prices. c. A shortage is a lack of all goods and services; scarcity concerns one item. d. There is no real difference between a shortage and a scarcity. Which of the following are factors of production? c. technology and productivity a. capital and land b.scarcity and shortages ). Which of the following people is an entrepreneur? d. economics and business decisions (a.)a person who creates a game and sells it to a game manufacturer b. a singer or dancer c. a person who runs a cleaning supplies business that employs others d. a computer prógrammer

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter2: Scarcity And Opportunity Costs

Section: Chapter Questions

Problem 14E

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