Read the following passage and mart the letter A, B, C or D on your answer sheet to indicate the correct answer to each of the questions.

What is meant by the term economic resources? In general, these are all the natural, man–made, and human resources that go into the production of goods and services. This obviously covers a lot of ground: factories and farms, tools and machines, transportation and communication facilities, all types of natural resources, and labor. Economic resources can be broken down into two general categories: proper resources– land and capital– and human resources– labor and entrepreneurial skills.

What do economists mean by land? Much more than the non–economist. Land refers to all natural resources that are usable in the production process: arable land, forests, mineral and oil deposits, and so on. What about capital? Capital goods are all the man–made aids to producing, storing, transporting, and distributing goods and services. Capital goods differ from consumer goods in that the latter satisfy wants directly, while the former do so indirectly by facilitating the production of consumer goods. It should be noted that capital as defined here does not refer to money. Money, as such, produces nothing.

The term labor refers to the physical and mental talents of humans used to produce goods or services (with the exception of a certain set of human talents, entrepreneurial skills, which will be considered separately because of their special significance). Thus the services of a factory worker or an office worker, a ballet dancer or an astronaut all fall under the general heading of labor.

What is the author's main purpose in writing this passage? 

A. To explain the concept of labor

B. To criticize certain uses of capital.

C. To contrast capital goods and consumer goods

D. To define economic resources

Read the following passage and mart the letter A, B, C or D on your answer sheet to indicate the correct answer to each of the questions.

What is meant by the term economic resources? In general, these are all the natural, man–made, and human resources that go into the production of goods and services. This obviously covers a lot of ground: factories and farms, tools and machines, transportation and communication facilities, all types of natural resources, and labor. Economic resources can be broken down into two general categories: proper resources– land and capital– and human resources– labor and entrepreneurial skills.

What do economists mean by land? Much more than the non–economist. Land refers to all natural resources that are usable in the production process: arable land, forests, mineral and oil deposits, and so on. What about capital? Capital goods are all the man–made aids to producing, storing, transporting, and distributing goods and services. Capital goods differ from consumer goods in that the latter satisfy wants directly, while the former do so indirectly by facilitating the production of consumer goods. It should be noted that capital as defined here does not refer to money. Money, as such, produces nothing.

The term labor refers to the physical and mental talents of humans used to produce goods or services (with the exception of a certain set of human talents, entrepreneurial skills, which will be considered separately because of their special significance). Thus the services of a factory worker or an office worker, a ballet dancer or an astronaut all fall under the general heading of labor.

The word “arable” is closer in meaning to _______.

A. dry 

B. open 

C. developed 

D. fertile

Read the following passage and mart the letter A, B, C or D on your answer sheet to indicate the correct answer to each of the questions.

What is meant by the term economic resources? In general, these are all the natural, man–made, and human resources that go into the production of goods and services. This obviously covers a lot of ground: factories and farms, tools and machines, transportation and communication facilities, all types of natural resources, and labor. Economic resources can be broken down into two general categories: proper resources– land and capital– and human resources– labor and entrepreneurial skills.

What do economists mean by land? Much more than the non–economist. Land refers to all natural resources that are usable in the production process: arable land, forests, mineral and oil deposits, and so on. What about capital? Capital goods are all the man–made aids to producing, storing, transporting, and distributing goods and services. Capital goods differ from consumer goods in that the latter satisfy wants directly, while the former do so indirectly by facilitating the production of consumer goods. It should be noted that capital as defined here does not refer to money. Money, as such, produces nothing.

The term labor refers to the physical and mental talents of humans used to produce goods or services (with the exception of a certain set of human talents, entrepreneurial skills, which will be considered separately because of their special significance). Thus the services of a factory worker or an office worker, a ballet dancer or an astronaut all fall under the general heading of labor.

The phrase “the latter” refers to _______. 

A. non–economists 

B. consumer goods 

C. capital goods 

D. economist 

Read the following passage and mart the letter A, B, C or D on your answer sheet to indicate the correct answer to each of the questions.

What is meant by the term economic resources? In general, these are all the natural, man–made, and human resources that go into the production of goods and services. This obviously covers a lot of ground: factories and farms, tools and machines, transportation and communication facilities, all types of natural resources, and labor. Economic resources can be broken down into two general categories: proper resources– land and capital– and human resources– labor and entrepreneurial skills.

What do economists mean by land? Much more than the non–economist. Land refers to all natural resources that are usable in the production process: arable land, forests, mineral and oil deposits, and so on. What about capital? Capital goods are all the man–made aids to producing, storing, transporting, and distributing goods and services. Capital goods differ from consumer goods in that the latter satisfy wants directly, while the former do so indirectly by facilitating the production of consumer goods. It should be noted that capital as defined here does not refer to money. Money, as such, produces nothing.

The term labor refers to the physical and mental talents of humans used to produce goods or services (with the exception of a certain set of human talents, entrepreneurial skills, which will be considered separately because of their special significance). Thus the services of a factory worker or an office worker, a ballet dancer or an astronaut all fall under the general heading of labor.

When non–economists use the term "land", its definition _______. 

A. is much more restrictive than when economists use it 

B. is much more general than when economists use it 

C. includes all types of natural resources 

D. changes from place to place

Read the following passage and mart the letter A, B, C or D on your answer sheet to indicate the correct answer to each of the questions.

What is meant by the term economic resources? In general, these are all the natural, man–made, and human resources that go into the production of goods and services. This obviously covers a lot of ground: factories and farms, tools and machines, transportation and communication facilities, all types of natural resources, and labor. Economic resources can be broken down into two general categories: proper resources– land and capital– and human resources– labor and entrepreneurial skills.

What do economists mean by land? Much more than the non–economist. Land refers to all natural resources that are usable in the production process: arable land, forests, mineral and oil deposits, and so on. What about capital? Capital goods are all the man–made aids to producing, storing, transporting, and distributing goods and services. Capital goods differ from consumer goods in that the latter satisfy wants directly, while the former do so indirectly by facilitating the production of consumer goods. It should be noted that capital as defined here does not refer to money. Money, as such, produces nothing.

The term labor refers to the physical and mental talents of humans used to produce goods or services (with the exception of a certain set of human talents, entrepreneurial skills, which will be considered separately because of their special significance). Thus the services of a factory worker or an office worker, a ballet dancer or an astronaut all fall under the general heading of labor.

Which of the following could be considered a capital good as defined in the passage? 

A. A railroad 

B. A coal deposit 

C. Human skills 

D. Money 

Read the following passage and mark the letter A, B, C, or D on your answer sheet to indicate the correct word or phrase that best fits each of the numbered blanks from 23 to 27. Fill in the appropriate word in question 24

        What is meant by the term economic resources? In general, these are all the natural, man-made, and human resources that go into the production of goods and services. Economic resources can be broken down into (23) _________ general categories: property resource - land and capital, and human resources - labor and entrepreneurial skills.

        What do economists mean (24) _________ land? Much more than the non-economist, land refers to all the natural resources (25) _________are usable in the production process: arable land, forests, mineral and oil deposits, and so on. What about capital? Capital goods are all the man­made aids to producing, storing, transporting, and distributing goods and services. Capital goods differ from consumer goods in that (26) _________ satisfy wants directly, while the former do so indirectly by facilitating the production of consumer goods. It should be noted that capital as defined here does not refer to money. Money, as such, produces nothing.

        The term labor refers to the physical and mental talents of humans used to produce goods and services (with the exception of a certain set of human talents, entrepreneurial skills, which will be considered separately because of their special significance). Thus the services of a factory worker or an office worker, a ballet dancer or an astronaut all fall (27) _________ the general heading of labor.

A. calling

B. with

C. using

D. by

Read the following passage and mark the letter A, B, C, or D on your answer sheet to indicate the correct word or phrase that best fits each of the numbered blanks from 23 to 27. Fill in the appropriate word in question 23

        What is meant by the term economic resources? In general, these are all the natural, man-made, and human resources that go into the production of goods and services. Economic resources can be broken down into (23) _________ general categories: property resource - land and capital, and human resources - labor and entrepreneurial skills.

        What do economists mean (24) _________ land? Much more than the non-economist, land refers to all the natural resources (25) _________are usable in the production process: arable land, forests, mineral and oil deposits, and so on. What about capital? Capital goods are all the man­made aids to producing, storing, transporting, and distributing goods and services. Capital goods differ from consumer goods in that (26) _________ satisfy wants directly, while the former do so indirectly by facilitating the production of consumer goods. It should be noted that capital as defined here does not refer to money. Money, as such, produces nothing.

        The term labor refers to the physical and mental talents of humans used to produce goods and services (with the exception of a certain set of human talents, entrepreneurial skills, which will be considered separately because of their special significance). Thus the services of a factory worker or an office worker, a ballet dancer or an astronaut all fall (27) _________ the general heading of labor.

A. many

B. some

C. two

D. six

Read the following passage and mark the letter A, B, C, or D on your answer sheet to indicate the correct word or phrase that best fits each of the numbered blanks from 23 to 27. Fill in the appropriate word in question 26

        What is meant by the term economic resources? In general, these are all the natural, man-made, and human resources that go into the production of goods and services. Economic resources can be broken down into (23) _________ general categories: property resource - land and capital, and human resources - labor and entrepreneurial skills.

        What do economists mean (24) _________ land? Much more than the non-economist, land refers to all the natural resources (25) _________are usable in the production process: arable land, forests, mineral and oil deposits, and so on. What about capital? Capital goods are all the man­made aids to producing, storing, transporting, and distributing goods and services. Capital goods differ from consumer goods in that (26) _________ satisfy wants directly, while the former do so indirectly by facilitating the production of consumer goods. It should be noted that capital as defined here does not refer to money. Money, as such, produces nothing.

        The term labor refers to the physical and mental talents of humans used to produce goods and services (with the exception of a certain set of human talents, entrepreneurial skills, which will be considered separately because of their special significance). Thus the services of a factory worker or an office worker, a ballet dancer or an astronaut all fall (27) _________ the general heading of labor.

A. lately

B. the latter

C. the latest

D. later

Read the following passage and mark the letter A, B, C, or D on your answer sheet to indicate the correct word or phrase that best fits each of the numbered blanks from 23 to 27. Fill in the appropriate word in question 25

        What is meant by the term economic resources? In general, these are all the natural, man-made, and human resources that go into the production of goods and services. Economic resources can be broken down into (23) _________ general categories: property resource - land and capital, and human resources - labor and entrepreneurial skills.

        What do economists mean (24) _________ land? Much more than the non-economist, land refers to all the natural resources (25) _________are usable in the production process: arable land, forests, mineral and oil deposits, and so on. What about capital? Capital goods are all the man­made aids to producing, storing, transporting, and distributing goods and services. Capital goods differ from consumer goods in that (26) _________ satisfy wants directly, while the former do so indirectly by facilitating the production of consumer goods. It should be noted that capital as defined here does not refer to money. Money, as such, produces nothing.

        The term labor refers to the physical and mental talents of humans used to produce goods and services (with the exception of a certain set of human talents, entrepreneurial skills, which will be considered separately because of their special significance). Thus the services of a factory worker or an office worker, a ballet dancer or an astronaut all fall (27) _________ the general heading of labor.

A. these

B. what

C. they

D. that