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test on introduction to economics

Authored by Nicholas Mutai

Business

2nd Grade

test on introduction to economics
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10 questions

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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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