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3. Which of the following is not one of the four broad categories of resources?
a. labor
b. government
c. capital
d. entrepreneurship
e. land
ANS: B PTS: 1 DIF: Difficulty: Moderate
NAT: BUSPROG: Analytic
LOC: DISC: The study of economics and definitions of economics
KEY: Bloom's: Knowledge
4. Produced goods used as inputs for the production of other goods comprise the resource known as
a. natural resources.
b. services.
c. capital.
d. entrepreneurship.
ANS: C PTS: 1 DIF: Difficulty: Easy
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5. Entrepreneurship is
a. the talent for organizing the use of land, labor and capital, among other things.
b. skill in influencing government regulators and legislators.
c. accumulated technical knowledge in using labor and capital.
d. knowledge of the particular natural resources to be found in a given area.
ANS: A PTS: 1 DIF: Difficulty: Easy
NAT: BUSPROG: Analytic
LOC: DISC: The study of economics and definitions of economics
KEY: Bloom's: Knowledge
6. Some years ago, chemists at 3M Corporation were trying to create a super-strong glue. Somehow they
got their molecules twisted and came up with one of the weakest glues ever made. But, rather than
pouring it down the drain, they tried coating some paper with it, and the "Post-It Note" was born. In
this case, 3M was acting as a(n)
a. utility.
b. rationer.
c. entrepreneur.
d. abstraction.
ANS: C PTS: 1 DIF: Difficulty: Moderate
NAT: BUSPROG: Analytic
LOC: DISC: The study of economics and definitions of economics
KEY: Bloom's: Application
7. The physical and mental talents people bring to production processes comprise the resource called
a. entrepreneurship.
b. natural resources.
c. capital.
d. labor.
ANS: D PTS: 1 DIF: Difficulty: Easy
NAT: BUSPROG: Analytic
LOC: DISC: The study of economics and definitions of economics
KEY: Bloom's: Knowledge
8. The headline in the newspaper reads "County Supervisors Debate Building New Schools." The
headline relates closest to which economic concept?
a. goods and bads
b. utility
c. choice
d. efficiency
ANS: C PTS: 1 DIF: Difficulty: Moderate
NAT: BUSPROG: Analytic LOC: DISC: Scarcity, tradeoffs, and opportunity cost
KEY: Bloom's: Comprehension
10. Here are three things you could do if you do not attend your neighbor's barbecue: watch television with
some friends (you value this at $17), read a good novel (you value this at $14), or go in to work (you
could earn $16 during the barbecue). The opportunity cost of going to your neighbor's barbecue is
a. $16, because this is the only alternative of the three where you actually receive a monetary
payment.
b. $14, because this is the lowest valued alternative forfeited.
c. $17, because this is the highest valued alternative forfeited.
d. $47, because this is the total dollar sum of the alternatives forfeited.
ANS: C PTS: 1 DIF: Difficulty: Moderate
NAT: BUSPROG: Analytic LOC: DISC: Scarcity, tradeoffs, and opportunity cost
KEY: Bloom's: Application
11. It usually takes less time to buy a six-pack of 7-Up, a loaf of bread, and a half-gallon of ice cream at a
small convenience store (such as a 7-Eleven) than at a large, full-service grocery store. Which of the
following persons is most likely to buy these items at a convenience store?
a. a person with high opportunity cost of time
b. a person with low opportunity cost of time
c. a person who is out of work
d. There is not enough information to answer the question.
ANS: A PTS: 1 DIF: Difficulty: Easy
NAT: BUSPROG: Analytic LOC: DISC: Scarcity, tradeoffs, and opportunity cost
KEY: Bloom's: Comprehension
12. Minerals, animals, water and forests are all considered to be the resource known as
a. capital
b. entrepreneurship
c. labor
d. land
e. none of the above
ANS: D PTS: 1 DIF: Difficulty: Easy
NAT: BUSPROG: Analytic
LOC: DISC: The study of economics and definitions of economics
KEY: Bloom's: Knowledge
When one has drunk of the juice of the poppy drowsiness comes on, with
coldness and intense itching, so that often when the medicine takes effect
such an itching comes on that the person is roused from sleep thereby. The
smell of the medicine too is emitted from the whole body. The remedies in
such cases, after rejecting the substance taken by vomiting with oil, and
evacuating downwards by a stimulant clyster, are oxymel drank with salts,
or honey with warm rose-oil, and much undiluted wine with wormwood
and cinnamon, and warm vinegar by itself, and natron with water, and
marjoram with lye, the seed of rue and pepper given with castor, and
oxymel, savory, or the decoction of marjoram with wine. We must also
rouse by aromatics, put the person into a hot bath, and foment on account of
the pruritus which supervenes; and after the bath we may use fat broths,
with wine or must. Marrow also drunk with oil is useful.
When mandragora has been drunk, stupor immediately comes on, with
loss of strength, and a strong inclination to sleep, so that the affection
differs in nothing from that which is called lethargy. Before any of these
symptoms come on, vomiting will be proper in this case; and afterwards
honied water, or natron and wormwood with must, or taken in a dulcified
wine, embrocations to the head with rose-oil and vinegar, rousing by
shaking the body, and by strong-smelling things, pepper, mustard, castor,
and rue pounded with vinegar, liquid pitch, and the wicks of lamps lighted
and extinguished, will be proper. When they are difficult to rouse we may
also apply sternutatories, and have recourse to the general remedies in such
cases.
Othello.
Ixia, which is also called ulophonon, when drunk has some resemblance
both in taste and smell to basil-royal. It brings on strong inflammation of
the tongue, and disorder of the mind; it suppresses all the secretions,
occasioning borborygmi and rumbling, with deliquium animi; but there are
no alvine evacuations. After the greater part of the poison has been brought
up by vomiting, or evacuated by the bowels, they will experience relief
from drinking the decoction of wormwood, with much wine, vinegar, or
oxymel, or the seed of wild rue, or the root of laserwort, and in the like
manner the decoction of tragoriganum with some of the aforementioned, or
with milk; or of turpentine, of nard, of castor, of laserwort, of each an
obolus in wine. The fruit also of the walnut triturated with wine will be
proper; or of rosin, of castor, and of rue, of each dr. j; and in like manner of
mezereon, dr. ij; of the juice of thapsia, dr. ij, with honied water; and hot
vinegar may be drunk by itself.
See, also, Theophrastus (H. P. i, 5, and iii, 9); and Schulze (Tox. vet. 17).
When one drinks of dorycnium, which some call strychnos furiosa, there
follows a sensation, as it were, of milk to the taste; constant hiccough,
watering of the tongue, and frequent ejection of blood; and there are
mucous discharges by the bowels, as in dysenterical cases. They are to be
remedied before any of these symptoms supervene, by those things which
are taken for ephemeron, I mean emetics and clysters, and whatever else
can evacuate the substance which had been taken. Honied water is a
particularly good remedy; or the milk of asses or of goats and sweet wine,
in a tepid state, may be drunk with a small quantity of anise. Bitter almonds
also are proper, the boiled breasts of fowls, all the shell-fish eaten raw and
boiled, crabs and crawfish, and the broth of them when drunk.
Seeing that the species of poppy called the horned, when eaten or drunk,
brings on the same symptoms as the juice of poppy, it is to be treated by the
same remedies.