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Test Basic Economic Concepts

Quiz by Mark Stegall

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20 questions
Show answers
  • Q1
    The most common rationing divice is
    Labor
    Capital Assets
    Education
    money
    30s
  • Q2
    The condition that exists when unlimited wants meet limited resources
    Factors of Production
    Economics
    Scarcity
    rationing device
    30s
  • Q3
    Economics is the science that studies the choices people make to satisfy...
    their desires in a world of plentitude
    their passions in a world of scarcity
    their needs in a world of plenty
    their wants in a world of scarcity
    30s
  • Q4
    Which of the following is NOT a factor of production?
    Technology
    Land
    Capital
    entrepreneurship
    30s
  • Q5
    What are the three levels of production in a production possibilities curve?
    dependent, non-dependent and unobtainable
    efficient not efficient and unobtainable
    realistic realistic unrealistic
    efficient not efficient, unrealistic
    30s
  • Q6
    Which point below shows the unobtainable level of production?
    Question Image
    A and X
    B, D, and C
    X
    A
    30s
  • Q7
    Trade-off is getting more for one good by getting the same of another
    false
    true
    True or False
    30s
  • Q8
    which point below shows the non-efficient level of production?
    Question Image
    A and X
    B, D and C
    A
    X
    30s
  • Q9
    Which point below shows the efficient level of production?
    Question Image
    A and X
    B, D, and C
    X
    A
    30s
  • Q10
    Resources are the things needed to produce the products we want
    Boolean://True
    30s
  • Q11
    Opportunity cost is
    The same choice from previously
    The alternative choice that you did not give up
    None
    The alternative choice you gave up
    30s
  • Q12
    The opportunity cost of going to the movies and spending $20 instead of going to help your brother with homework and receiving $10 from your parents
    $20
    $30
    $10
    $40
    30s
  • Q13
    The photo is an example of what Factor of Production?
    Question Image
    Capital
    Labor
    entrepreneurship
    Land
    30s
  • Q14
    The picture is an example of what Factor of Production?
    Question Image
    Labor
    Capital
    Entrepreneurship
    Land
    30s
  • Q15
    This is an example fo what Factor of Production?
    Question Image
    Labor
    Capital
    Entrepreneurship
    Land
    30s

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