Have an account?
Skip to Content
Build your own quiz
10 questions
Show Answers
See Preview
- 1. Multiple Choice
What best describes a want?
An unnecessary object
A commodity that fulfills a desire
An expensive object
A derived need
- 2. Multiple Choice
What do people respond to in predictable ways?
Problems
Incentives
Solutions
Choices
- 3. Multiple Choice
Which is NOT a major economic problem?
When to produce?
What to produce?
How to produce?
For whom to produce?
- 4. Multiple Choice
Economics is said to deal mostly with the ____________ of resources.
Deprivation
Allocation
Usage
Consumption
- 5. Multiple Choice
Countries and states utilize this to solve the problem of allocation.
Culture and Norms
Rules and Regulations
Economic Systems
Fiscal Policies
- 6. Multiple Choice
When economists say that resources are scarce, it means that they are what?
Limited
Lacking
Overflowing
Rare
- 7. Multiple Choice
According to the basic economic principles, what creates wealth?
Voluntary Work
Voluntary Trade
Business Transactions
Business Management
- 8. Multiple Choice
Aside from the actual monetary / resource cost, what other cost is incurred when decisions are made?
Chance Expense
Trade off
Equivalent Exchange
Opportunity Cost
- 9. Multiple Choice
Allocation and scarcity is a problem because people have unlimited ____________.
problems
wants and needs
resources
desires
- 10. Multiple Choice
They say that economics is the science of ____________.
Money
Country Growth
Opportunities
Decision Making
- Answer choicesTagsAnswer choicesTags