Economics Quiz

What is the fundamental problem facing all people ;  unlimited wants and limited resources to satisfy those wants

• Inflation

• Scarcity

• Opportunity Cost

• Full Employment

What are the resources required to produce goods and services called?

• Opportunity Cost

• Economic System

• Factors of Production

• Liability

How do economists measure the cost of decision-making?

• Gross Domestic Product

• Specialization

• Opportunity Cost

• Supply

What does the term 'Efficient' refer to in the context of production?

• Maximum production using resources wisely

• Minimum production with high costs

• Average production with limited resources

• Overproduction with waste

What is the term for the separation of tasks where people focus on a specific purpose?

• Merger

• Specialization

• Monopoly

• Oligopoly

What is the method used by society to allocate scarce resources called?

• Market

• Command Economy

• Economic System

• Corporation

What is the employment level referred to as 'Full Employment'?

• 50% employment levels

• 75% employment levels

• 95% employment levels

• 100% employment levels

What is the term for a legal obligation to pay debts incurred by a business?

• Liability

• Stock

• Supply

• Merger

What is a monopoly?

• A market with many small firms

• A market with no competition

• A market where one company controls the market

• A market with equal competition

What does GDP stand for?

• Gross Domestic Product

• General Domestic Production

• Global Domestic Product

• Gross Development Product