Economics Test 1

Economics is

• People trying to satisfy their needs by making choices

• Business operations

• Charts and Graphs

• The study of currency and geopolitics

Getting a manicure would best describe

• good

• service

Goods or services that are not necessary, but that we desire or wish for. Examples: video games, toys, concert tickets, etc.

• Demand
• Needs
• Wants
• Presents

The study of how people seek ways to meet their wants and needs by making choices is called?

• Economics
• Scarcity
• Capitalism
• Entrepreneurs

Economics is a subject that is focused on the study of:

• How the government allocates its funds to different types of public spending

• How resources can be used more efficiently to satisfy human wants

• How  scarce resources are allocated to satisfy unlimited human wants 

• How new economic resources are used by businesses

Which of the following is true?

• Needs, wants, and resources are all unlimited

• Needs and wants are unlimited but resources are limited

• Needs and wants are limited but resources are unlimited

• Needs, wants, and resources are all limited

The central problem in economics is:

• Government

• Busineseses

• Scarcity

• Opportunity Cost

The limited availability of resources is known as...

• Scarcity

• Voluntary Exchange

• Profit

• Opportunity Cost

Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.

• Free Market
• Traditional
• Mixed
• Command

Katia is an accountant in a government run business where she was placed after graduation.

• Command
• Traditional
• Free Market
• Mixed