Economics Quiz 1

Economics is the study of ______________

• Money

• How to get rich

• Consequences and Punishments

• Choices

The objective of the economy is to

• satisfy limited needs and wants with unlimited resources

• satisfy unlimited needs and wants with limited resources

• satisfy unlimited needs and wants with unlimited resources

• satisfy limited needs and wants with limited resources

When economists say that resources are scarce, it means that they are what?

• Limited

• Lacking

• Overflowing

• Rare

The goods or services necessary to sustain life.

• need

• want

• land resource

• labor

What best describes a want?

• An unnecessary object

• A commodity that fulfills a desire

• An expensive object

• A derived need

Countries and states utilize this to solve the problem of allocation.

• Culture and Norms

• Rules and Regulations

• Economic Systems

• Fiscal Policies

Economics is considered a ______________ science.

• philosophy

• social

• historical

• astronomy

Which of the following is not one of the 3 basic questions?

• What am I going to produce?
• How am I going to produce it?
• Who am I going to produce for?
• What is the opportunity cost?

The productive resources that make up the 4 categories of land, capital, labor, and entrepreneurship.

• factors of production

• capital goods

• consumer goods

• fiscal policy

Oil, water, and wood are examples of ______________ resources.

• Land

• Labor

• Capital

• Entrepreneurship