Which is the definition of economics?
VCE Economics Unit 1 AOS1

Quiz
•
Social Studies
•
11th Grade
•
Medium
Used 131+ times
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24 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Making, providing, purchasing, or selling goods or services.
The study of how to use our limited resources wisely and in ways to make individuals and society better off materially to increase living standards.
The study of how to use our unlimited resources in ways to make individuals and society better off to increase living standards.
The branch of biology that deals with the relations of organisms to one another and to their physical surroundings.
2.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Select the two branches of economics:
Microeconomics
Relative scarcity
Opportunity cost
Macroeconomics
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is microeconomics?
A branch of economics that looks at the factors that influence the various parts (i.e operations, profitability) that make up the overall Australian economy.
The inputs used in production or supply of goods and services.
The branch of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.
The study of economics during junior high school years.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is macroeconomics?
The value of the next best alternative foregone.
The branch of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.
The expenditure of consumers on goods and services.
Economic claims that are opinion-based.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
True or false: Normative economics is fact-based and can be verified using factual information.
False
True
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
True or false: Normative economics is opinion-based and cannot be verified.
False
True
7.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Select the two factors that limit/determine GDP:
Volume or quantity of resources available for use.
PPF's
How efficiently available resources are being employed.
Crime rates
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