Untitled Quiz

Which of the following does Economics primarily study?

• how scarcity can be eliminated

• how firms manipulate prices

• how government influences resource allocation decisions

• the problem of scarce resources relative to human wants

The factors of production are called

• Scarcity

• choice

• opportunity cost

• resources

selecting an item or action

• Scarcity
• choice
• opportunity cost
• resources

what is given up when a choice is made

• Scarcity
• choice
• opportunity cost
• resources

The definition of Scarcity is...

• An unlimited amount of resources to meet limited wants and needs
• A limited amount of resources to meet unlimited wants and needs.
• When people use time and energy to create events
• A city where individuals commit themselves to unlimited wants and needs

Which of the following is one of the basic economic questions?

• What should we produce?

• How should things be produced?

• Who should things be produced for?

• All of the above?

Identify construction worker, doctor, nurse, and teacher will be considered as which type of resource

• capital resources

• entrepreneurship

• human resources

• natural resources

Machines, tools, money, factories, etc are examples of.....

• entrepreneurship

• capital resources

• human resources

• natural resources

These are the things we desire to have.

• Wants

• Goals

• Opportunity Costs

When "wants are greater than the resources available to satisfy them," it is called...

• Scarcity

• Needs

• Opportunity Cost

• None of these answers