Economics Intro Question Preview (ID: 42424)
Intro Questions For Economic Quiz.
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What is Economics?
a) A class you take
b) A system of money
c) How you solve the problem of limited resources and unlimited wants
d) How you solve the problem of central planning
What is a consumer?
a) A person who purchases goods and services for personal use.
b) A person who purchases goods and services for others
c) A type of reptile
d) A economic system
What are the factors of Production?
a) An economic term that describes the inputs that are used in the distribution of goods and services
b) An economic term that describes the inputs that are used in the production of goods or services
c) Multiplication tables
d) The way in which economic systems operate
What is Scarcity?
a) Limited resources with unlimited wants
b) To leave a situation
c) A balancing act
d) A person who purchases goods and services for personal use.
An economic system in which business are allowed to produce any goods and services they wish to is referred to as ...
a) A command economy
b) A mixed economy
c) A Free Market
d) A Private economy
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) Competition
b) Factors of production
c) Consumer Goods
d) A command economy
An economic system in which private property is almost totally restricted is called what?
a) Free Market
b) Mixed Economy
c) Private Economy
d) A Command Economy
What are the three basic economic systems?
a) Land, Labour and 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
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) A bad Economy
b) Mixed Economy
c) Free Market Economy
d) Command Economy
Which of the following is a good?
a) Getting Piano Lesson
b) Piano
c) Delivering the piano
d) Tuning the piano
Which of the following is a service?
a) Dog
b) Water Dish
c) Obedience school
d) Dog Toy
What are the three Factors of production?
a) What to produce, how to produce, who will receive the goods and services
b) Free Market, Command Economy and Mixed Economy
c) Land, Labour, Capital
d) Government, Business and private Ownership
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