Chapter 1 Practice Quiz - Intro to Economics

The conflict between unlimited wants and limited resources is called:

• Basic economic scarcity
• Wants
• Scarcity
• Factors of Production

A person who buys goods and services

• consumer
• entrepreneur
• resource
• currency

Individuals who come up with a new idea for a good or service, then they make it a reality

• resource
• human resources
• consumer
• entrepreneur

When something given up for something else is called?

• Choice
• Capitalism
• Inflation
• Opportunity Cost

On this PPC, which point is efficient? 

• A
• C
• D
• None

On the PPC, which point is inefficient?

• A
• B
• C
• D

On the PPC, which point is unobtainable?

• A
• B
• C
• D

In college, people can major in a wide variety of fields including medicine, journalism, business, and design among others. This is an example of the concept of

• scarcity

• specialization

• elastic demand

• progressive taxation

Which factor of production is the following: Wood

• Land

• Labor

• Capital

• Entrepreneurship

Which factor of production is the following: A Tractor

• Land

• Labor

• Capital

• Entrepreneurship