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Is there such thing as “human capital”? Are scientists, engineers, teachers, doctors, lawyers, and skilled workers, for example, part of society’s capital? What criteria would you use when deciding whether something is qualified as capital?
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3. Choose the right variant. Only one is possible.
1. Which of the following is not a productive resource?
a. Land
b. Labour
c. Money
d. Capital
2. Which of the following provides the most complete description or list of resources from an economic point of view?
a. Land, labour, capital, and entrepreneurship.
b. Utility, economics, knowledge, and scarcity.
c. Canned goods, refrigerators, television sets, and shoes.
3. Factors of production are
a. the inputs into the production process.
b. weather, social, and political conditions that affect production.
c. the physical relationships between economic inputs and outputs.
d. all of the above.
e. none of the above.
4. All of the following categories are factors of production except:
a. entrepreneurship.
b. capital.
c. land.
d. money.
5. Which economic feature often results from the use of the other three features?
a. Land
B. Labour
c. Profit
d. Capital
6. Land, labour, capital and entrepreneurship are
a. scarce.
b. goods.
c. resources.
d. all of the above.
7. What is the concept of a natural resource?
a. The stock of skills, talents and experiences of all the people in a society.
b. The stock or aggregate of physical and monetary resources in a society.
c. The stock or totality of resources that are found in a natural state in the soil, oceans, rivers, lakes, forests, air that are not created by man.
d. (a) and (c) only.
8. Which of the following pairs represent human resources?
a. Land and water
b. Petroleum and jazz musicians
c. Mathematicians and pilots
d. Machinery and loans
9. When economists are discussing the factors of production and use the term labour, they are
a. referring only to unskilled labour.
b. referring to everything that is NOT in the land category.
c. referring to both skilled and unskilled labour.
10. Which of the following describes a capital input?
a. A person's skills and abilities that can be deployed to produce valuable goods and services.
b. Factories and offices where goods and services are produced.
c. Old-growth forests and marine capture fisheries.
d. Organizing production and accepting risk.
e. Both (a) and (d) above.
11. What is entrepreneurship?
a. The particular talent that some people have for organizing the resources of land, labour, and capital to produce goods, seek new business opportunities, and develop new ways of doing things.
b. The physical and mental talents people contribute to the production process.
c. Produced goods that can be used as inputs for further production.
d. Natural resources such as minerals, forests, water, and fisheries.
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