Capital refers to Select one: a. the physical and mental effort of humans to produce goods and services b. the ability to combine all other resources to produce goods and services c. the goods that are used to produce other goods and services d. money used to purchase plants and equipment for producing goods and services Economics is a study of how individuals, firms and governments make decisions, given that this is a world, facing resources and yet human wants. Select one: a. unlimited; unlimited b. scarce; limited b. ; C. Scarce; unlimited d. unlimited; limited Opportunity Cost is the Select one: a. choice to reduce your expenses b. sacrifice of the next highest valued alternative c. accounting cost of pursuing an action d. sacrifice of pursuing other actions possible Which of the following topics are covered within the study of macroeconomics? i. Price Levels ii. Individual Choices iii. Government Decisions iv. Unemployment Rates Select one: a. i, ii and iv b. ii, iii and iv c. i and iii d. i and ii Previous page Next page Which of the following resources is not considered a factor of production? Select one: a. Land b. Entrepreneurship c. Labour d. Money