Economics Quiz

What does Economics study according to the image?

• The study of human behavior and decision-making

• Theories, principles, and models which deal with the production, distribution, and consumption of goods and services

• The study of historical financial systems

• The analysis of political systems and their impact on resource allocation

What are Human Necessities as defined in the image?

• Goods and services desired but not necessary for survival

• Goods and services necessary to survival

• The basic elements of nonhuman resources

• Skills required to start and run a business

According to the image, what is Scarcity?

• The abundance of resources in relation to human wants

• The economic problem of having unlimited human wants and necessities in a world of limited resources

• The distribution of goods and services to meet human wants

• The management of financial resources to maximize profits

What are Nonhuman Resources?

• Personal characteristics or attributes including labor, management, and entrepreneurship

• Natural resources used in the production of goods and services

• Material resources including capital goods, financial resources, and land

• The human skills required to start and run a business

What is the role of Labor as described in the image?

• Any work which is necessary in the production of goods and services; a person’s productive activity towards a specific job or activity

• Monetary assets needed to start and operate a business

• Natural resources used in the production of goods and services

• Person who attempts to make an economic profit from an idea

What does Entrepreneurship involve according to the image?

• The personal characteristics or attributes including labor, management, and entrepreneurship

• The material resources including capital goods, financial resources, and land

• Human skills required to start and run a business; organizes all factors of production to create economic goods and services

• The natural resources used in the production of goods and services

What does Economic Utility refer to in economic concepts?

• The effectiveness of production

• The value added to a product or service through its "usefulness" to consumers

• The process of focusing all time and effort to a limited range of services or products

• The profit made or lost from a specific good or service

What is Time Utility?

• The degree to which a product or service is useful or desirable due to its form

• The degree to which a product or service is easy to learn about, gain information about and understand

• The degree to which a product or service is available at a necessary or convenient time of day, week, month or year

• The degree to which a product or service is easy to purchase or pay for

What is meant by Place Utility?

• The degree to which a product or service is useful or desirable due to its location

• The degree to which a product or service is produced in larger quantities than is demanded

• The degree to which a product or service is easy to purchase or pay for

• The degree to which a product or service is available at a necessary or convenient time

What does Form Utility refer to?

• The degree to which a product or service is easy to learn about

• The degree to which a product or service is available at a necessary or convenient location

• The degree to which a product or service is useful or desirable due to its form (the raw materials or parts it is made of)

• The effectiveness of production