Economics Quiz 1

Economics is the study of ______________

• Money

• How to get rich

• Consequences and Punishments

• Choices

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

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

Oprah Winfrey, Guy Fieri, and Steve Jobs are examples of ______________ resources.

• Land

• Labor

• Capital

• Entrepreneurship

Hammers, pencils, and computers are examples of ______________ .

• Land

• Labor

• Capital

• Entrepreneurship

Teachers, construction workers, and mechanics are examples of ______________ .

• Land

• Labor

• Capital

• Entrepreneurship

An ability of a good or service to be useful and give satisfaction to someone.

• utility

• value

• scarcity

• productivity