Scarcity & Factors of Production Test 2025

Economics is the study of choices people make to satisfy their ______ or ______.

• needs; wants

• jobs; salaries

• hobbies; interests

• fears; hopes

What does microeconomics study?

• Choices made by governments

• Choices made by individuals, households, or companies

• Choices made by international organizations

• Choices made by animals

Which of the following is an example of microeconomics?

• A) A local grocery store issues a coupon for a gallon of milk

• B) The government increases taxes nationwide

• C) A country signs a trade agreement

• D) The central bank changes interest rates

What does macroeconomics examine?

• Behavior of individual consumers

• Behavior of entire economies

• Behavior of a single business

• Behavior of a single market

Macroeconomics is the study of the economy as a whole, and focuses on issues that affect ________, regional, and global economies.

• national

• personal

• household

• municipal

Something you must have for survival is a

• must

• need

• gift

• desire

A desire to have something above and beyond what is necessary for survival is a

• desire

• want

• need

• thought

Which of the following is an example of a 'Need'?

• Smartphone

• Food

• Video Game

• Designer Shoes

What are the two categories that needs and wants fall into?

• Goods and Money

• Goods and Services

• Services and Products

• Products and Money

Fill in the blank: Goods are a ________ product.

• physical

• digital

• imaginary

• virtual