
Quiz on Ten Principles of Economics
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77 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the word "economy" originate from?
Latin word for money
Greek word for "one who manages a household"
Roman word for wealth
French word for trade
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economics is the study of how society manages its:
Money
People
Scarce resources
Government
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does scarcity mean in economics?
Unlimited resources are available
Society has limited resources
People never need to make choices
Only poor people face trade-offs
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a principle of how people make decisions?
People face trade-offs
The cost of something is what you give up to get it
Trade does not benefit people
People respond to incentives
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
"There is no such thing as a free lunch" illustrates which economic principle?
People respond to incentives
People face trade-offs
Rational people think at the margin
The role of government in the economy
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The opportunity cost of going to college includes:
The cost of tuition and books
The income you give up by not working
Both A and B
Only tuition fees
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Rational people think at the:
Aggregate level
Emotional level
Margin
National level
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