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What is Economics?

Quiz by Paul Bachman

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22 questions
Show answers
  • Q1
    each worker learns one task very well
    scarcity
    standard of living
    factor market
    specialization
    30s
  • Q2
    quality of life
    standard of living
    economic interdependence
    consumerism
    nondurable goods
    30s
  • Q3
    represents the range of production possibilities
    gross domestic product
    production possibilities curve
    economic model
    specialization
    30s
  • Q4
    where all of the factors of production are bought and sold
    consumerism
    product market
    capital good
    factor market
    30s
  • Q5
    a fundamental problem in every society
    scarcity
    economic interdependence
    specialization
    standard of living
    30s
  • Q6
    measures a country’s output and economic health
    gross domestic product (GDP)
    capital good
    consumerism
    economic model
    30s
  • Q7
    manufactured good used to produce other goods or services
    nondurable good
    factor market
    capital good
    specialization
    30s
  • Q8
    food is an example of one
    nondurable good
    standard of living
    factor market
    durable good
    30s
  • Q9
    reliance on others to produce goods and services we need
    economic interdependence
    consumerism
    scarcity
    standard of living
    30s
  • Q10
    movement that promoted the rights of buyers
    consumerism
    specialization
    production possibilities curve
    standard of living
    30s
  • Q11
    Paradox of value refers to the
    high value of an essential item and the low value of a nonessential item.
    high value of a nonessential item and the low value of an essential item.
    contradiction between gross domestic product and market value.
    contradiction of what consumers want and what they need.
    30s
  • Q12
    A nation’s wealth is determined by its
    product possibilities frontier.
    natural resources.
    accumulation of all tangible and intangible resources.
    accumulation of all tangible products.
    30s
  • Q13
    The most comprehensive measure of a nation’s wealth is provided by its
    TINSTAAFL rating.
    product possibilities curve.
    capital goods.
    gross domestic product.
    30s
  • Q14
    Which of the following statements best describes the purpose of the production possibilities curve?
    It predicts the future production of a nation.
    It shows which products are most profitable.
    It identifies all possible combinations of goods and services an economy can produce.
    It identifies trends in production.
    30s
  • Q15
    Which of the following descriptions best explains the meaning of opportunity cost?
    the cost of business failure
    the initial cost of starting a new business
    the cost of choosing one alternative over another
    the risk associated with producing a new item
    30s

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