What is Economics?

What is Economics?

University

11 Qs

quiz-placeholder

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What is Economics?

What is Economics?

Assessment

Quiz

Other

University

Medium

Created by

CHAKRIN SPE

Used 12+ times

FREE Resource

11 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Our inability to satisfy all our wants is called __________, and it leads us to make __________.

choices, scarcity

incentives, choices

scarcity, choices

choices, incentives

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is the social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with scarcity and the incentives that influence and reconcile those choices.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Macroeconomics is the study of choices that individuals and businesses make, the way those choices interact in markets, and the influence of governments.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The inflation rate in Malaysia increased by 1.5% between Q1 and Q2 of 2022. The statement is a __________ statement.

Microeconomics

Macroeconomics

Economics

Top-down

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economic output refers to the _________.

goods produced in the economy

services produced in the economy

goods and services produced in the economy

economic sectors

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Goods and services are produced by using __________ that economists call __________.

factors of production, productive resources

productive resources, factors of production

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is the correct combination of factors of production?

land, human capital, physical capital, entrepreneurship

land, labour, physical capital, entrepreneurship

land, labour, capital, entrepreneurship

gifts of nature, human capital, physical capital, entrepreneurship

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