Intro Economics Quiz

Economics is the study of how people use _______ resources to satisfy their wants

• unlimited

• natural

• scarce

• money

A social science concerned with the production, distribution, and consumption of goods and services. This is the definition of?

• business

• money

• economics

• all of the answers listed

A consumer’s willingness to pay a particular price for a specific good or service is the concept of?

• supply

• demand

• scarcity

• consumption

Consumers will buy ____ of something at a lower price and buy ____ of something at a higher price. This is the principle of demand.

• more, more

• less, less

• more, less

• less, more,

Supply is the total amount of a specific good and service that is available to consumers.

• true

• false

Producers will sell more of something at a ______ price and sell less of something at a ______ price.

• higher, lower

• lower, higher

• higher, higher

• lower, lower

Scarcity is the gap between limited resources and theoretically ________ wants.

• unlimited

• limited

Which is NOT a factor of production (or making something)?

• Land

• Labor

• Capital

• Entrepreneurship

• All are factors of production

Any item that is generally acceptable to producers in exchange for goods or services is called?

• cash

• gold

• money

• coins

The study of the whole economy is? And the study of specific consumer choices, companies, or supply and demand is?

• macroeconomics, microeconomics

• microeconomics, macroeconomics

• both are correct