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What Is Economics? Chapter 1 Test

8 Questions
Economics Quizzes & Trivia
Questions and Answers
  • 1. 
    What does TINSTAAFL stand for?
    • A. 

      There Is No Such Thing As A Free Lunch

    • B. 

      That Is Not So True All Allies Fall Long

    • C. 

      This Is Not So Tall All Aliens Freely Launch

    • D. 

      There Is No Such Thing As A Free Lobster

  • 2. 
    What is  the economic problem
    • A. 

      Wants

    • B. 

      Goods

    • C. 

      Scarcity

    • D. 

      Labor

  • 3. 
    What are the four factors of production?
    • A. 

      Wants,needs,value and utility

    • B. 

      Land,capital,labor and entrepreneurs

    • C. 

      Consumers,goods,sevices and market

    • D. 

      Land,seller,buyers and enterprise

  • 4. 
    Consumers use goods and servicesto satisfy their
    • A. 

      Wants and needs

    • B. 

      Opportunity cost

    • C. 

      Hunger and thurst

    • D. 

      None of the above

  • 5. 
    A tree for a hard-wood floor company would be
    • A. 

      Labor

    • B. 

      Land

    • C. 

      Capital

    • D. 

      Productivity

  • 6. 
    An irrigational system would be what for a frozen food company
    • A. 

      Land

    • B. 

      Labor

    • C. 

      Capital

    • D. 

      Value

  • 7. 
    A chainsaw for a lumber company would be what
    • A. 

      Capital

    • B. 

      Goods

    • C. 

      Utility

    • D. 

      Wants

  • 8. 
    The scope of economics deals with every thing except
    • A. 

      Description

    • B. 

      Analysis

    • C. 

      Entrepreneur

    • D. 

      Prediction