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Economics Intro
Test Description: Intro questions for Economic Quiz
Instructions: Answer all questions to get your test result.
1) What is Economics?
A
A system of money
B
How you solve the problem of limited resources and unlimited wants
C
A class you take
D
How you solve the problem of central planning
2) What is a consumer?
A
A type of reptile
B
A person who purchases goods and services for personal use.
C
A economic system
D
A person who purchases goods and services for others
3) What are the factors of Production?
A
An economic term that describes the inputs that are used in the production of goods or services
B
The way in which economic systems operate
C
Multiplication tables
D
An economic term that describes the inputs that are used in the distribution of goods and services
4) What is Scarcity?
A
A person who purchases goods and services for personal use.
B
To leave a situation
C
Limited resources with unlimited wants
D
A balancing act
5) An economic system in which business are allowed to produce any goods and services they wish to is referred to as ...
A
A Private economy
B
A mixed economy
C
A Free Market
D
A command economy
6) A situation that occurs when two or more businesses try to sell the same type of product to the same customers is referred to as ...
A
Consumer Goods
B
A command economy
C
Competition
D
Factors of production
7) An economic system in which private property is almost totally restricted is called what?
A
Free Market
B
Mixed Economy
C
A Command Economy
D
Private Economy
8) What are the three basic economic systems?
A
What to produce, how to produce, who will receive the goods and services
B
Land, Labour and Capital
C
Government, Business and private Ownership
D
Free Market, Command Economy and Mixed Economy
9) In the former Soviet Union consumers had to wait in long lines to buy everyday items like bread. They did not have many choices and the government controlled factories. What type of economy did they live in?
A
Free Market Economy
B
A bad Economy
C
Command Economy
D
Mixed Economy
10) Which of the following is a good?
A
Piano
B
Getting Piano Lesson
C
Tuning the piano
D
Delivering the piano
11) Which of the following is a service?
A
Water Dish
B
Dog Toy
C
Dog
D
Obedience school
12) What are the three Factors of production?
A
Land, Labour, Capital
B
What to produce, how to produce, who will receive the goods and services
C
Free Market, Command Economy and Mixed Economy
D
Government, Business and private Ownership
*select an answer for all questions
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