Question 1

Which of the following is the best example of opportunity cost?

Accepted Answer

A)  a company's expenditures on a training program for its employees
B)  the rate of return on a company's investment
C)  the amount of money that a company can earn by depositing excess funds in a money market fund
D)  the profit that a company forgoes when it decides to drop one product line in favor of another oneE) B) and D)
F) B) and C)

Question 2

Select the group that best represents the basic factors of production.

Accepted Answer

A)  land,labor,capital,entrepreneurship
B)  land,labor,money,management skills
C)  land,natural resources,labor,capital
D)  land,labor,capital,technologyE) A) and B)
F) A) and C)

Question 3

Scarcity is a condition that exists when

Accepted Answer

A)  there is a fixed supply of resources relative to the demand for the product.
B)  there is a large demand for a product.
C)  resources are not able to meet the entire demand for a product.
D)  All of the aboveE) A) and B)
F) A) and C)

Exam 1: Introduction

Select the group that best represents the basic factors of production.

Correct Answer
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Which of the following is the best example of opportunity cost?

Correct Answer
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Scarcity is a condition that exists when

Correct Answer
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Exam 1: Introduction

Select the group that best represents the basic factors of production.

Correct AnswerverifiedShow Answer

Which of the following is the best example of opportunity cost?

Correct AnswerverifiedShow Answer

Scarcity is a condition that exists when

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
verified

Correct Answer
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