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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
A class you take
C
How you solve the problem of limited resources and unlimited wants
D
How you solve the problem of central planning
2) What is a consumer?
A
A person who purchases goods and services for personal use.
B
A type of reptile
C
A person who purchases goods and services for others
D
A economic system
3) What are the factors of Production?
A
Multiplication tables
B
An economic term that describes the inputs that are used in the distribution of goods and services
C
An economic term that describes the inputs that are used in the production of goods or services
D
The way in which economic systems operate
4) What is Scarcity?
A
A person who purchases goods and services for personal use.
B
To leave a situation
C
A balancing act
D
Limited resources with unlimited wants
5) An economic system in which business are allowed to produce any goods and services they wish to is referred to as ...
A
A mixed economy
B
A Private 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
A command economy
B
Competition
C
Factors of production
D
Consumer Goods
7) An economic system in which private property is almost totally restricted is called what?
A
Free Market
B
Private Economy
C
Mixed Economy
D
A Command 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
Free Market, Command Economy and Mixed Economy
D
Government, Business and private Ownership
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
Command Economy
C
A bad 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
Dog Toy
B
Dog
C
Water Dish
D
Obedience school
12) What are the three Factors of production?
A
Free Market, Command Economy and Mixed Economy
B
What to produce, how to produce, who will receive the goods and services
C
Land, Labour, Capital
D
Government, Business and private Ownership
*select an answer for all questions
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