Economics Quiz #1

Economics is the study of how man allocates scarce resources to produce goods and services to satisfy consumers........wants and needs.

• unlimited

• rare

• limited

• desired

Economics is the study of ______________

• Money

• How to get rich

• Consequences and Punishments

• Choices

About 30,000 people die a year from car accidents. A solution could be to destroy all cars. We don't do that because of ________________ and _________________.

• Positive and negative incentives

• Scarcity and opportunity cost

• Determinate of cost and choices

A market is defined as

• a physical place where people buy only goods.

• a physical place where people buy both goods and services.

• a store where people buy physical goods.

• any arrangements that brings buyers and sellers together.

To get something that we like, we usually have to give up something else that we also like.

• Efficiency

• Scarcity

• No Free Lunch

• Human Resource

Study of economic behavior in particular markets, such as the market for computers or for unskilled labor.

• Microeconomics

• Macroeconomics

• International Economics

• Economics

Study of the economic behavior of the economy as a whole, especially the national economy.

• Macroeconomics

• Micoeconomics

• Scarcity

• Entrepreneurship

In the following sentence, identify if the underlined object is a want or a need: Deasia is sending a text message from her phone.

• want

• need

Which term best fits this definition? The way in which a nation uses it's resources to satisfy peoples needs and wants.

• scarcity
• economic system
• barter
• interdependence

fundamental economic problem facing all societies that results from a combination of limited resources and people’s virtually unlimited wants. 

• scarcity
• opportunity cost
• factors of production
• utility