AnswersCARE_24_25_TX-EconomicsUnit Test

Unit Test — Unit test Answers

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Which of the following is an example of a capital resource?

A
coal
B
machinery
C
time
D
horse
22
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How does scarcity determine the economic value of an item?

A
by the amount of goods that are produced
B
by the capital required to build the factory
C
by the unlimited wants of the consumers
D
by the resources consumed in production
23

productionconsumptionusageexpenditures

A
production
B
consumption
C
usage
D
expenditures
24

Which of the following will be accomplished by efficient allocations of the factors of production?

A
guaranteeing economic success
B
understanding whether a product will fail
C
fulfilling many needs and wants of society
D
replenishment of limited resources
25

Most resources are nonrenewable, and wants and needs are unlimited. This is an example of

A
production
B
scarcity
C
labor
D
devaluation

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