
test on introduction to economics

Quiz
•
Business
•
2nd Grade
•
Hard
Nicholas Mutai
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
what is the basic economic problem that all the societies faces?
scarcity
inflation
unemployment
surplus
2.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
Economics is primarily concerned with?
the study of individual financial choices
the efficient allocation of scarce resources
the production and sale of goods and service
the distribution of money in society
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
microeconomics is branch of economics that deals with?
the behavior of individual consumers and firms
national income and overall economic growth
global trade and international policies
government taxation and fiscal policy
4.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
Which one is not factor of production?
Land – Natural resources
money – Human effort and skills
Capital – Machinery, tools, and buildings
Entrepreneurship – The ability to combine these resources to produce goods and services
5.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
opportunity cost refers to?
financial cost of an economic choice
the benefit that is given up when choosing one alternative over another
the difference between gross profit and net profit
the cost of producing an additional unit of output
6.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
A free market economy is one in which?
prices are set by government
there is no private property
prices are determined by supply and demand
production is controlled by central planners
7.
FILL IN THE BLANK QUESTION
1 min • 2 pts
.........economist is most closely associated with the term " invisible hand"
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