(D) All of the above answers are correct. 7) Which of the following is a macroeconomic decision or concept? A) the price of oil B) how many television sets to produce (C) the unemployment rate for the entire economy D) the unemployment rate for each firm 8) When a textile company keeps track of its inventory using a computer and its competitor uses a pad of paper and a pencil, they are both answering the part of one of the two big economic questions. A) "what" (B) "how" C) "for whom" D) "where" 9) An art museum decides to offer tours by having visitors listen to cassette tapes rather than have tour guides . The museum is answering the part of one of the two big economic questions. A) "scarcity" B) "what" C) "why" (D) "how" 10) Which of the following are considered factors of production used to produce goods and services? I. Land II. Labor III . Capital IV. Entrepreneurship A)and II only C) I, II and III only D) I, II, III and IV 11) Factors of production include all of the following EXCEPT A) machines made in past years. (B) money. C) entrepreneurship. D) a wheat field that is not irrigated. 12) The income earned by the people who sell the services of the factor of production is called A) capital; rent land: profit B) entrepreneurship; wages D) entrepreneurship; profit 13) Which factor of production earns most income in the United States? (A) capital C) money D) entrepreneurship 14) In economics, the term "land" means A) only land that is used in agricultural production. (5) land, mineral resources, and nature's othe bounties. C) land that is devoted to economic pursuits. D) land used for agricultural and urban purposes. 15) Overtime worked by a JCPenney associate is considered and earns (A) Jabor; wages C) human capital:interest B) entrepreneurship; profit D) labor:profit

Question

(D) All of the above answers are correct. 7) Which of the following is a macroeconomic decision or concept? A) the price of oil B) how many television sets to produce (C) the unemployment rate for the entire economy D) the unemployment rate for each firm 8) When a textile company keeps track of its inventory using a computer and its competitor uses a pad of paper and a pencil, they are both answering the part of one of the two big economic questions. A) "what" (B) "how" C) "for whom" D) "where" 9) An art museum decides to offer tours by having visitors listen to cassette tapes rather than have tour guides . The museum is answering the part of one of the two big economic questions. A) "scarcity" B) "what" C) "why" (D) "how" 10) Which of the following are considered factors of production used to produce goods and services? I. Land II. Labor III . Capital IV. Entrepreneurship A)and II only C) I, II and III only D) I, II, III and IV 11) Factors of production include all of the following EXCEPT A) machines made in past years. (B) money. C) entrepreneurship. D) a wheat field that is not irrigated. 12) The income earned by the people who sell the services of the factor of production is called A) capital; rent land: profit B) entrepreneurship; wages D) entrepreneurship; profit 13) Which factor of production earns most income in the United States? (A) capital C) money D) entrepreneurship 14) In economics, the term "land" means A) only land that is used in agricultural production. (5) land, mineral resources, and nature's othe bounties. C) land that is devoted to economic pursuits. D) land used for agricultural and urban purposes. 15) Overtime worked by a JCPenney associate is considered and earns (A) Jabor; wages C) human capital:interest B) entrepreneurship; profit D) labor:profit

Answer 1

7) C8) B9)10) D11) A12) B13) B14) B15) A

Answer 2

## Step1For question 7, we need to identify the macroeconomic decision or concept among the given options. Macroeconomics focuses on the economy as a whole, including the unemployment rate for the entire economy.## Step2For question 8, we need to identify the part of the economic question that both the textile company and its competitor are answering. Both are deciding on the method of inventory management, which corresponds to the "how" part of the economic question.## Step3For question 9, we need to identify the part of the economic question that the art museum is answering by deciding to offer tours through cassette tapes instead of tour guides. This corresponds to the "how" part of the economic Step4For question 10, we need to identify the factors of production used to produce goods and services. All four options - Land, Labor, Capital, and Entrepreneurship - are considered factors of production.## Step5For question 11, we need to identify which of the given options is not a factor of production. Machines made in past years are not a factor of production.## Step6For question 12, we need to identify the income earned by the people who sell the services of the factor of production. The income earned by the people who sell the services of the factor of production is called wages.## Step question 13, we need to identify which factor of production earns the most income in the United States. Labor is the factor of production that earns the most income in the United States.## Step8For question 14, we need to identify what the term "land" means in economics. In economics, the term "land" refers to all natural resources, including land, mineral resources, and nature's other bounties.## Step9For question 15, we need to identify what the overtime worked by a JCPenney associate is considered and what it earns. Overtime worked by a JCPenney associate is considered labor and earns wages.

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