A person goes to college to become an engineer.This action is an example of an
A) investment in physical capital.
B) investment in human capital.
C) increase in entrepreneurship.
D) increase in labour.
Correct Answer:
Verified
Q5: Production refers to
A)physically producing material goods only.
B)any
Q6: Scarcity implies that people must
A)be selfish.
B)make choices.
C)be
Q7: Scarcity implies that
A)people should limit their wants.
B)firms
Q8: Economists sometimes say that wants are "unlimited"
Q9: "Wants" are
A)another term for needs.
B)all the things
Q11: Services can be thought of as
A)free goods.
B)intangible
Q13: Economists speak of using resources to satisfy
Q14: In economic language,"wants"
A)is another term for needs.
B)refer
Q15: Scarcity exists because human wants _.
Q22: The most basic concept in economics is
A)wealth.
B)income.
C)scarcity.
D)spending.
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