Economics Quiz

What is the term used to describe physical, tangible objects used to satisfy people's wants and needs?

• Allocation

• Resources

• Services

• Goods

What is the term used to describe those goods and services which are used to produce other goods and services?

• Goods

• Services

• Resources

• Allocation

What is the term used to describe the intangible satisfaction of wants and needs?

• Goods

• Services

• Allocation

• Resources

What is the term used to describe an individual decision-making unit?

• Firm

• Organisation

• Individual

• Household

What is the term used to describe how much of which resource is devoted to the production of each of the goods and services?

• Goods

• Services

• Resources

• Allocation

In a market economy, economic activities are organised through which institution?

• Market

• Firm

• Government

• Household

Which type of economy has the government or central authority planning all important activities?

• Centrally Planned Economy

• Free Economy

• Market Economy

• Mixed Economy

What is the term used to describe the cost of having a little more of one good in terms of the amount of the other good that has to be forgone?

• Market Cost

• Production Cost

• Resource Cost

• Opportunity Cost

Which branch of economics studies the behaviour of individual economic agents in the markets for different goods and services?

• Positive Economics

• Normative Economics

• Macroeconomics

• Microeconomics

Which branch of economics focuses on aggregate measures such as total output, employment, and aggregate price level?

• Positive Economics

• Macroeconomics

• Normative Economics

• Microeconomics