Economics Quiz

What does the term consumer mean?

• A person who starts a business

• A worker in a factory

• A person who buys and uses goods and services

• A government official

What are goods?

• Services provided to individuals

• Tangible items

• Actions that cannot be stored

• Intangible actions or benefits

A farmer using tractors and irrigation systems to grow crops is mainly applying which factor of production?

• Land

• Labour

• Capital

• Entrepreneurship

Which of the following is an example of a service?

• Clothing

• Healthcare

• Food

• Machinery

Scarcity exists because:

• There is always a lack of money in the economy

• Resources are unlimited while human wants are limited

• Resources are limited while human wants are unlimited

• • Markets cannot distribute goods effectively

What is a characteristic of a goods-based economy?

• Heavy reliance on manufacturing

• Less resource-intensive

• Lower employment rates

• Focus on providing services

Which country relies heavily on manufacturing?

• Bangladesh

• Sweden

• Italy

• Denmark

What is a potential vulnerability of goods-based economies?

• Resource-intensive nature

• Lower job creation

• Dependence on technology

• High adaptability

Which of the following is the best example of a negative incentive?

• Receiving a scholarship for good grades

• Earning extra money for working overtime

• Paying a fine for littering

• Getting free samples of a new product

Which of the following is a major service industry?

• Textiles

• Mining

• Agriculture

• Finance