Introduction to Economics Quiz

What is the etymology of the word 'economics'?

• Latin 'oeconomia'

• Both Latin and Greek

• Old North French 'scars'

• Greek 'oikonomia'

What does scarcity mean in economics?

• Abundance of goods

• Equal distribution of goods

• Human wants exceed available resources

• Unlimited resources

Which of the following is NOT a fundamental economic question?

• For whom to produce?

• When to produce?

• How to produce?

• What to produce?

What is an example of a free good?

• Freshwater

• Food

• Electricity

• Water in the ocean

Which of the following is NOT a factor of production?

• Wealth

• Land

• Labor

• Entrepreneurship

What is the definition of economic capital?

• Human skills and talents

• Manufactured goods used in production

• Financial wealth

• Natural resources

What does the term 'entrepreneurship' refer to?

• The physical labor in production

• The use of natural resources

• The ability to recognize profit opportunities

• The ability to manage resources

What is the primary focus of economics?

• Studying wealth distribution

• Understanding human behavior in scarcity

• Evaluating market trends

• Analyzing government policies

Which of the following resources is considered a natural resource?

• Entrepreneurship

• Economic capital

• Labor

• Land

What is the main reason students find economics daunting?

• Complex mathematical formulas

• Difficulty in applying concepts

• Misunderstanding of the subject

• Lack of interest in social sciences