Resources are used only in the production of goods, not services.
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Q33: When economists refer to capital, they might
Q34: Because resources are scarce,
A)opportunity costs are zero
B)people
Q35: An entrepreneur
A)always makes a profit
B)starts with an
Q36: Which of the following would an economist
Q37: In economics, capital is defined as
A)natural resources,
Q39: "Natural resources" refers
A)bodies of water
B)trees
C)oil reserves
D)minerals
E)All of
Q40: Economists classify all of the following as
Q41: Choices made by economic decision makers
A)are government
Q42: The expression "There's no such thing as
Q43: The assumption of rational self-interest does not
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