What is Economics? Quiz

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

Something essential for survival

• Need

• Want

• Goods

• Services

• Scarcity

What three basic economic questions must all societies answer? Select ALL that apply.

• What to Produce

• When to Produce

• How to Produce

• For Whom to Produce

In the United States, consumer spending influences what type of economic decision?

• goods to produce

• production methods to follow

• government services to provide

• automation techniques to employ

The two broad groups of people whose choices drive the economy are...

• consumers and laborers

• entrepreneurs and producers

• laborers and entrepreneurs

• producers and consumers

What term describes a society in which the majority of economic choices are made without government interference?

• entrepreneurial

• factor market

• free enterprise

• product market

Any resources that are made by humans and used to create other goods and services are called

• services

• production

• capital

• labor

The resources used to make all goods and services are the

• production possibilities

• factors of production

• production trade-offs

• opportunity costs