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- 1. Multiple Choice
1. Economics is the science which treats of wealth” was defined by
J.M. Keynes
Alfred Marshall
J.B.Say
Adam Smith
- 2. Multiple Choice
What reduces the value of Money?
Hiding it under a mattress
Deflation
Cutting it in half with scissors
Inflation
- 3. Multiple Choice
Economics is a
Science
Art
Both
None
- 4. Multiple Choice
The cost incurred by a farmer for pumping irrigation water is a:
Fixed cost
Variable cost
Marginal cost
Average cost
- 5. Multiple Choice
Rent, wages, interest and profit are related to the term
Production
Consumption
Exchange
Distribution
- 6. Multiple Choice
The cotton used to make jeans is what type of productive resource?
Capital
Natural
Human
- 7. Multiple Choice
What is capitalism?
government control of production and goods
private control of production and goods for profit
employee control of production, goods, and profit
international control of production and goods for profit
- 8. Multiple Choice
The resources that make up factors of production are
land, labor, capital, and entrepreneur / manager
forests, factories, cash, and CEOs
rock, paper, and scissors
iron, gold, silver, and titanium
- 9. Multiple Choice
What is an entrepreneur?
A person who starts a new business.
A leader of a country.
A worker in a factory.
A student in college.
- 10. Multiple Choice
Using credit is _______________ .
borrowing money.
bad for the economy.
better than cash.
better than buying stock.
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