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Scarce Economic Resource Markets Basics Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Which of the following is NOT a capital resource?

Question 2 2. XYZ Manufacturing uses a geo-thermal heat pump in order to heat their building in the winters. What would this thermal heat resource be considered?

Question 3 3. Which of the following is NOT a financial resource?

Question 4 4. Which resource involves the use of research and study to solve problems and improve processes?

Question 5 5. Which of the following is the best explanation of economic resources?

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Question 6 6. Who provides capital to a company?

Question 7 7. Which of the following describes a bond?

Question 8 8. Which of the following is an example of crowdfunding?

Question 9 9. Why is capital important to firms?

Question 10 10. Which of the following describes a stock?

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Question 11 11. Based on salary, which role LIKELY represents the lowest supply of able workers?

Question 12 12. If the supply curve for registered nurses were to move to the left, how would the labor market for nurses LIKELY be affected?

Question 13 13. In the United States, there are very few job openings for rocket scientists, and all of these openings require a long list of qualifications. Where would you expect the equilibrium point for rocket scientists to be in the U.S.?

Question 14 14. If the government were to give millionaires a tax cut, what would LIKELY happen to the number of potential CEOs?

Question 15 15. In Plaintown, there are many restaurants that hire waitstaff, lots of people who want to work as waiters, and the restaurants do not expect prospective waiters to have much experience. Which of the following BEST describes the equilibrium point for labor with regard to waiters?

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Question 16 16. Which of the following would be considered an innovative practice with regard to land use?

Question 17 17. People believe that when they purchase a property, they own a piece of land. Is this a valid assertion?

Question 18 18. How can a renewable resource be destroyed?

Question 19 19. What activity would destroy an area of land for human use into the foreseeable future?

Question 20 20. Which of the following is an example of a nonrenewable resource?

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Question 21 21. What model is used to demonstrate markets and the flow of goods between firms and households?

Question 22 22. Susie goes to XYZ Grocery store and walks around to look at all the items that she has available to her for purchase. What is Susie participating in?

Question 23 23. What is the name of the market in which households buy goods from firms?

Question 24 24. Who is normally the producer in a resource market?

Question 25 25. Which is NOT an example of a resource supplied by a household?

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Question 26 26. What is a resource market?

Question 27 27. Which of the following is NOT related to land as a natural resource?

Question 28 28. Which of the following is NOT related to capital as a resource?

Question 29 29. How are households and businesses related?

Question 30 30. Which one of the following is NOT a resource found in a resource market?

Scarce Economic Resource Markets Basics Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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