
Economics Quiz
Authored by Muhammad Sharif
Business
12th Grade
Used 4+ times

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40 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is the most accepted definition of economics today?
Wealth creation
Human behavior study in scarcity
Economic growth focus
Distribution of resources
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which economist defined economics as "the study of human behavior as a relationship between ends and scarce means"?
Adam Smith
Alfred Marshall
Lionel Robbins
Karl Marx
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What term refers to the human desire for goods and services that exceeds available resources?
Demand
Scarcity
Utility
Cost
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Goods which satisfy human wants directly are called:
Intermediate goods
Consumer goods
Capital goods
Free goods
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following describes a positive economic statement?
Taxes should be increased to fund education.
Inflation reduces the purchasing power of money.
The government ought to reduce inflation.
Unemployment is more damaging than inflation.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to Adam Smith, economics primarily concerns:
Material welfare
Resource allocation
Individual wants
Wealth creation
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these is a characteristic of a mixed economy?
All resources are owned by the government.
It includes both private and public sectors.
Prices are fixed by the government only.
Production decisions are made by individuals alone.
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