Trivia Questions Test On Economics! Quiz

10 Questions | By Tstrein | Updated: Mar 21, 2022 | Attempts: 271

Questions

Settings

Trivia Questions Test On Economics! Quiz - Quiz

Welcome to the Trivia Questions Test on Economics. The quiz will test your understanding of the business environment and the different factors that affect the growth of a business based on what you study in your economics classes. Think you know just enough to tackle it? The only way to find out is to take the actual quiz.

Questions and Answers

1.

The need to make choices arises because
- A.
  
  Some things are not limited
- B.
  
  Shortages are a constant situation
- C.
  
  Everything that exists is limited
- D.
  
  People need to share their resources
2.

The basic problem of economics is
- A.
  
  Scarcity
- B.
  
  Shortages
- C.
  
  Lack of Choice
- D.
  
  Overabundance of resources
3.

To an economist, a want is
- A.
  
  Something you do not have
- B.
  
  Something you must have to survive
- C.
  
  Something other than a basic survival need
- D.
  
  Something most people have
4.

The four factors of production are the resources of land, labor, capital and ________?
- A.
  
  Productivity
- B.
  
  Entrepreneurship
- C.
  
  Machinery
- D.
  
  Services
5.

As an economic term, land includes?
- A.
  
  Work people do
- B.
  
  Machinery
- C.
  
  Natural resources
- D.
  
  Knowledge
6.

Human effort directed toward producing goods and services is?
- A.
  
  Economics
- B.
  
  Labor
- C.
  
  Capital
- D.
  
  Technology
7.

Previously manufactured goods used to make other goods and services are?
- A.
  
  Economics
- B.
  
  Labor
- C.
  
  Goods
- D.
  
  Capital
8.

The study of how individuals and societies make choices about ways to use scarce resources to fulfill their needs and wants is?
- A.
  
  Economics
- B.
  
  Labor
- C.
  
  Technology
- D.
  
  Capital
9.

Advance in knowledge leading to new and improved goods and services and better ways of producing them is?
- A.
  
  Economics
- B.
  
  Labor
- C.
  
  Technology
- D.
  
  Capital
10.

Tangible objects that can satisfy people's wants are?
- A.
  
  Economics
- B.
  
  Labor
- C.
  
  Goods
- D.
  
  Technology