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