Economics Quiz

What is the study of economics primarily concerned with?

• Satisfying unlimited wants and needs with limited resources

• Maximizing profits for businesses

• Creating new technologies

• Exploring outer space

What is the difference between a good and a service?

• A good is a physical product, while a service is an action provided to us

• A good is produced, while a service is consumed

• A good is intangible, while a service is tangible

• A good is free, while a service requires payment

What are the resources used to get or create goods and services in economics?

• Natural resources, capital, and labor

• Technology, entertainment, and design

• Energy, transportation, and communication

• Education, healthcare, and agriculture

What does scarcity mean in the context of economics?

• Having surplus resources that are not being utilized

• Having equal distribution of resources among all members of society

• Having an unlimited supply of resources for society's needs and wants

• Having a limited supply of resources to meet the needs and wants of society

What are the three basic economic questions that society needs to answer when making economic choices?

• Where should it be produced, when will it be produced, and why will it be produced

• What should be produced, how will it be produced, and who will use it

• Why should it be produced, when should it be distributed, and who will buy it

• Who should produce it, how much should be produced, and where it should be distributed

What is the main reason why hard decisions must be made in economics?

• To eliminate scarcity in society

• To maximize profits for businesses

• To create a surplus of resources

• To fill unlimited wants with limited resources

What is the purpose of studying economics and the effects of economic decisions?

• To predict future economic trends with 100% accuracy

• To create a monopoly in the market

• To control and manipulate the economy for personal gain

• To understand how economics affects people and the economy at large

What is the best way to deepen your understanding of how economics affects your life every day?

• Rely on others to make economic decisions for you

• Keep your eyes open for economic decisions being made in your community and country

• Ignore economic decisions and focus on personal interests

• Avoid learning about economics altogether