Economics Quiz

Which economic system is characterized by privately owned businesses operating with limited governmental regulation?

• Command economy

• Market economy

• Mixed economy

• Traditional economy

What is opportunity cost?

• The cost of producing goods

• The value of the option that was given up

• The profit made from a business

• The cost of labor

What are the factors of production?

• Land, labor, capital, entrepreneurship

• Land, labor, money, technology

• Land, capital, technology, entrepreneurship

• Labor, capital, money, entrepreneurship

What does the term "economics" refer to?

• The study of political systems

• The science of how goods and services are produced, sold, and used

• The study of historical events

• The science of natural resources

What is a "marketplace"?

• A place where only producers meet

• An arena where consumers and producers meet to exchange goods, services, and money

• A place where only consumers meet

• A virtual space for online shopping

What is a "producer"?

• A consumer of goods and services

• An individual or business that provides the supply of goods and services

• A government official

• A financial advisor

What is a "mixed economy"?

• An economy with no government intervention

• A combination of the market and the command systems

• An economy based solely on traditional methods

• An economy with only private businesses

What is "scarcity"?

• An abundance of resources

• A basic economic problem due to unlimited wants and limited resources

• A surplus of goods

• A lack of consumer demand

What does "land" refer to in economic terms?

• The physical territory of a nation

• All of the natural resources of a nation

• The urban areas of a country

• The agricultural areas of a country

What is a "natural resource"?

• A manufactured product

• A raw material

• A financial asset

• A technological innovation