first three pages economics quiz

Economics is the study of...

• scarcity and choice

• opportunity cost

• capital

• renewable and nonrenewable resources

Which of these would be considered a service?

• A new car

• Changing the oil of your car

• New rims

• Gasoline

What is the difference between scarcity and shortage?

• Shortage is short term; scarcity is long term

• They both mean the same thing; they're synonyms.

• Scarcity is short term; shortage is long term

• I didn't study so I don't know.

Which of these is an example of opportunity cost?

• The weather is too hot for riding your bike so you stay home.

• You miss going to New York because you were sick.

• You save your money and buy a car!

• You choose to save your money, so you miss out on the new movie your friends went to see.

Which of these are NOT a factor of production?

• Land/natural resources

• Labor/human resources

• Capital

• Entrepreneurship

• opportunity cost

What is the difference between renewable and nonrenewable resources?

• Nonrenewable means you have to return them - like library movies. You can't renew them.

• Renewable means they become new, like when you wash dishes.

• Nonrenewable can't be replaced - like gold, oil or coal.

• Renewable means it can't be replaced, like gold, oil, or coal.

Which of these is NOT one of the types of economies?

• Market economy

• Democratic economy

• Mixed economy

• Traditional economy

• Command economy

Most economies are...

• mixed economies

• democratic economies

• traditional economies

• market economy

Which economic goal "reflects the idea of using the countries factors of production to their fullest extent?"

• security

• growth

• efficiency

• price stability

Studying supply and demand is part of...

• microeconomics

• macroeconomics

• farmers markets

• unemployment