Solved by verified expert :21)
Factors of production are the
A)
goods that are bought by individuals and used to provide personal enjoyment.
B)
goods that are bought by businesses to produce productive resources.
C)
productive resources used to produce goods and services.
D)
productive resources used by government to increase the productivity of
consumption.
E)
goods and services produced by the economy.
22)
The productive resource that includes all the “gifts of nature” is
called
A)
land.
B)
labor.
C)
capital.
D)
entrepreneurship.
E)
land if undeveloped and capital if developed.
23)
Economists classify energy and water as part of which factor of production?
A)
land
B)
labor
C)
capital
D)
entrepreneurship
E)
land if undeveloped and capital if developed
24) As a factor
of production, oil reserves are counted as
A) land.
B) labor.
C) capital.
D)
entrepreneurship.
E)
financial capital.
25)
Over time, the percentage of total employment in services has ________ and in
agriculture, employment has ________.
A)
increased; increased.
B)
decreased; increased.
C)
stayed about the same; decreased.
D)
stayed about the same; increased.
E)
increased; decreased.
26) The concept
of human capital describes
A) human skills,
that is, the quality of labor.
B) human
population, that is, the quantity of labor.
C) the number of
machines per employed worker.
D) the number of
workers per operating machine.
E)
the number of machines (capital) that have been produced by people (humans).
27)
Which factor of production does human capital enhance?
i. land
ii. labor
iii. capital
A)
i only
B)
ii only
C)
iii only
D)
i and ii
E)
i, ii, and iii
28) Human
capital can be increased through
A) investment in
new technology.
B) education,
on-the-job training, and work experience.
C) investment in
new machinery.
D) decreases in
population.
E)
increasing the nation’s production of consumption goods.
29)
The United States possesses a large amount of human capital. As a result of
this fact, in the United States there is a
A)
large amount of machinery and equipment.
B)
large number of people and a great deal of land.
C)
highly skilled and educated labor force.
D)
large number of kind and generous humans.
E)
large amount of machinery (capital) that is run by people (humans).
30)
Jan is attending college and studying to be an investment broker. To improve
her chances of employment following college, she has interned at a top
brokerage firm during the last two summers. Jan’s internship has increased her
A)
natural labor.
B)
human capital.
C)
consumption services.
D)
natural resources.
E)
entrepreneurship capital.
