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Economics Lesson 1

Quiz by Darrin Weber

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10 questions
Show answers
  • Q1
    Having unlimited wants and limited resources is called
    Shortage
    Economics
    Scarcity
    Opportunity Cost
    30s
  • Q2
    Economics is the study of....
    Supply and Demand
    Human Capital
    Choices
    Land vs. Capital
    30s
  • Q3
    Opportunity cost means the
    accounting cost minus the marginal benefit.
    monetary costs of an activity.
    highest-valued alternative forgone.
    accounting cost minus the marginal cost.
    30s
  • Q4
    Macroeconomics differs from microeconomics in that:
    macroeconomics studies the behavior of government
    macroeconomics studies the decisions of individuals.
    macroeconomics focuses on the national economy and the global economy.
    30s
  • Q5
    Which of the following is a microeconomic topic?
    The reasons why total employment decreases.
    The reasons why Kathy buys less orange juice.
    The effect of the government budget deficit on inflation.
    The reasons for a decline in average prices.
    30s
  • Q6
    The "gifts of nature" are included as part of which factor of production?
    capital
    labor
    entrepreneurship
    land
    30s
  • Q7
    Which of the following best defines capital as a factor of production?
    The knowledge and skills that people obtain from education and use in production of goods and services.
    Instruments, machines, and buildings used in production.
    Financial assets used by businesses.
    The gifts of nature that businesses use to produce goods and services.
    30s
  • Q8
    Economics is best defined as the science of choice and how people cope with
    differences in needs.
    differences in wants.
    different economic systems.
    scarcity
    30s
  • Q9
    When an economist talks of scarcity, the economist is referring to the
    inability of society to satisfy all human wants because of limited resources.
    ability of society to continually make technological breakthroughs and increase production
    ability of society to consume all that it produces.
    ability of society to employ all of its resources.
    30s
  • Q10
    Macroeconomic topics include
    total, nationwide employment.
    the impact of government regulation of markets.
    studying what factors influence the price and quantity of automobiles.
    studying the determination of wages and production costs in the software indust
    30s

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