Economics quiz

What is the basic economic problem?

• Scarcity of resources

• Unlimited wants

• Both A and B

• None of the above

Which of the following is NOT a factor of production?

• Land

• labour

• capital

• Entrepreneurship

• Technology

Which of the following is considered a renewable resource?

• Coal

• Natural Gas

• Solar Energy

• Oil

What does GDP stand for in economics?

• Gross Domestic Product

• General Development Plan

• Gross Domestic Profit

• Global Development Program

Which of the following is a characteristic of a market economy?

• Government control of resources

• Private ownership of property

• Central planning

• Limited consumer choice

• The

  law of demand states that, as the price of a good increases, the quantity demanded (a)   , ceteris paribus.  

When the quantity demanded equals the quantity supplied, the market is in (a)   .

(a)   measures the overall level of prices in the economy.

Discuss the relationship between inflation and unemployment. How can policymakers balance these two economic goals?

(a)  

a special machine through which you can do bank transactions

• Cash dispenser

• Automated Teller Machine

• Cashpoint

• Checkout