Economics Pre-Test

The amount of a good or service that is wanted is called:

• supply
• demand
• equilibrium
• inflation

The amount of a good or service provided is called:

• supply
• demand
• equilibrium
• inflation

The total value of goods and services produced within the a country during one year.

• Gross Domestic Product (GDP)

• Gross National Income (GNI)

• Gross Food Cafeteria (GFC)

• Human Consumption Chart (HCC)

There are 4 _______________. They are land, labor, capital and entrepreneurship.

• Factors of Production

• Market Economy

• Profit

• Economics

The study of how people seek ways to meet their wants and needs by making choices is called?

• Economics

• Philosophy

• Capitalism

which of the following is semi durable good?

• radio

• clothes

• milk

• petrol

It focuses on small scale decisions made by individuals and firms

• Microeconomics

• Macroeconomics

• opportunity cost

• Marginal Analysis

It is concerned on bigger issues that affects the economy of a country

• Microeconomics

• Macroeconomics

• Opportunity Cost

• Marginal Analysis

the cost of forgone choice

• scarcity

• opportunity cost

• marginalism

• marginal cost

Nico is in need of sugar to produce bread. What economic terms is present here?

• Opportunity Cost

• Marginal Analysis

• Scarcity

• Invisible Hands Theory