What is Economics Quiz

Economics is about allocating resources to produce and distribute which of the following?

• outcomes and properties

• consumers and producers

• goods and services

• wages and profits

A capitalist country has which economic system?

• free-market

• command

• planned

• traditional

Which is an economic system run by the government?

• a mixed economy

• a planned economy

• a free-market economy

• Inflated economy

Which is NOT one of the three basic economic questions?

• What to Produce

• When to Produce

• How to Produce

• For Whom to Produce

Which of the following is NOT a Factor of Production?

• wants

• capital

• labor

• land

Which of the following is an example of a good?

• tune up

• oil change

• car wash

• car

Which of the following is an example of a service?

• windshield wipers

• floor mats

• car wash

• car

What is the fundamental problem of economics?

• labor

• capital

• utility

• scarcity

Something essential for survival

• Need

• Want

• Goods

• Services

• Scarcity

Something that people desire but that is not necessary for survival

• Need

• Want

• Goods

• Services

• Scarcity