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- 1. Multiple Choice
Which of the following BEST describes the definition of economics?
the study of supply and demand
the study of how people make decisions based on logic
the study of money and taxes
the study of how people make decisions based on limited resources
- 2. Multiple Choice
Which of the following are considered reasons to study economics?
can help us save money
can make us better, informed citizens
helps us make decisions
used in everyday life
- 3. Multiple Choice
What are the two types of economics?
Microeconomics and Elastic Economics
Macroeconomics and Inelastic Economics
Microeconomics and Macroeconomics
Elastic and Inelastic Economics
- 4. Multiple Choice
What type of economics is the following- A country’s imports and exports
Microeconomics
Macroeconomics
Elastic Economics
Inelastic Economics
- 5. Multiple Choice
What type of economics is the following- amount of people unemployed in the USA
Microeconomics
Macroeconomics
Elastic Economics
Inelastic Economics
- 6. Multiple Choice
What type of economics is the following- a business owner hiring a new worker
Microeconomics
Macroeconomics
Elastic Economics
Inelastic Economics
- 7. Multiple Choice
What type of economics is the following- a high school graduate opening a bank account
Microeconomics
Macroeconomics
Elastic Economics
Inelastic Economics
- 8. Multiple Choice
A basic requirement needed for survival is called a
Need
Want
Good
Service
- 9. Multiple Choice
A tangible commodity is called a
Need
Want
Good
Service
- 10. Multiple Choice
A good that is purchased by individuals are what type of good?
Non-durable good
Durable good
Consumer good
Producer good
- 11. Multiple Choice
Which of the following is NOT considered a service?
A hairstylist giving a haircut
A doctor treating a patient
A chef preparing a meal
A consumer purchasing some clothing
- 12. Multiple Choice
Which of the following is NOT a factor of production?
Land
Labor
Entrepreneurship
Capital
Profit
- 13. Multiple Choice
Which of the following is NOT considered an economic question?
What to produce?
Why to produce?
How to produce?
For whom to produce?
- 14. Multiple Choice
Which of the following is an example of a capital good found in a restaurant?
Waiter
Owner
Oven
Knowledge and skills of the cook
- 15. Multiple Choice
In a market economy, who answers the three economic questions?
Government
Buyers and sellers
Both buyers/sellers and government
- 16. Multiple Choice
Which of the following is an example of a capital good?
Owner of a business
money invested in a business
equipment used by a business
labor provided by workers
- 17. Multiple Choice
What percentage of people experience scarcity?
25%
50%
75%
100%
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