Quiz on Ten Principles of Economics

Quiz on Ten Principles of Economics

University

77 Qs

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Quiz on Ten Principles of Economics

Quiz on Ten Principles of Economics

Assessment

Quiz

Others

University

Medium

Created by

tora tera

Used 3+ times

FREE Resource

77 questions

Show all answers

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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