Microeconomics Study Set 26
Quiz 1: What Is Economics
Entrepreneurs Do All of the Following Except
Entrepreneurs do all of the following EXCEPT A) organize labor, land, and capital. B) come up with new ideas about what and how to produce. C) bear risk from business decisions. D) own all the other resources used in the production process.
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Entrepreneurs directly do all of the following except A) create new ideas about what and how to produce. B) make business decisions. C) face risks that arise from making business decisions. D) decide for whom goods and services are produced.
Differences in income are most directly related to which of the following economic question? A) What goods and services are produced? B) In what quantities are various goods and services produced? C) How are goods and services produced? D) Who consumes the goods and services that are produced?
The fact that some people can afford to live in beautiful homes while others are homeless, is most directly an example of an economy facing the ________ part of one of the two big economic questions. A) "for whom" B) "when" C) "how" D) "why"
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