Economics Quiz

What is the study of how people, businesses, and governments make choices about resource allocation?

• Sociology

• Economics

• Psychology

• Anthropology

What are the two key concepts of economics?

• Supply and Demand

• Scarcity and Needs vs. Wants

• Profit and Loss

• Inflation and Deflation

Which of the following is considered a need?

• Video games

• Designer clothes

• Food

• Luxury cars

Which one is NOT of the three economic questions?

• How to produce?

• What to produce?

• For whom to produce?

• When to produce?

Which resource is described as human effort and skills used in production?

• Land

• Labor

• Capital

• Entrepreneurship

What does microeconomics focus on?

• Large-scale economic factors

• Global trade

• Individual choices and small-scale decisions

• Government policies

Which branch of economics examines large-scale economic factors?

• Microeconomics

• Macroeconomics

• Behavioral economics

• Development economics

What is the role of entrepreneurship in economics?

• Providing natural resources

• Taking risks to create and manage businesses

• Supplying labor

• Manufacturing goods

Which of the following is NOT a key resource in economics?

• Land

• Labor

• Technology

• Capital

What is the main focus of macroeconomics?

• Household budgets

• National economy and inflation

• Individual spending habits

• Local business trends