Trivia Questions Test On Economics! Quiz

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Quizzes Created: 1 | Total Attempts: 271
| Attempts: 271
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  • 1/10 Questions

    As an economic term, land includes?

    • Work people do
    • Machinery
    • Natural resources
    • Knowledge
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About This 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.

Trivia Questions Test On Economics! Quiz - Quiz

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  • 2. 

    Tangible objects that can satisfy people's wants are?

    • Economics

    • Labor

    • Goods

    • Technology

    Correct Answer
    A. Goods
    Explanation
    Goods are tangible objects that can satisfy people's wants. In economics, goods refer to physical products that are produced and consumed to fulfill human needs and desires. They can be seen, touched, and used to provide utility and satisfaction to individuals. Goods can range from everyday items like food, clothing, and furniture to more specialized products like cars, electronics, and luxury goods. These tangible goods play a crucial role in the economy as they are bought, sold, and traded, contributing to economic growth and development.

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  • 3. 

    The study of how individuals and societies make choices about ways to use scarce resources to fulfill their needs and wants is?

    • Economics

    • Labor

    • Technology

    • Capital

    Correct Answer
    A. Economics
    Explanation
    The study of how individuals and societies make choices about ways to use scarce resources to fulfill their needs and wants is economics. Economics analyzes the production, distribution, and consumption of goods and services. It examines how individuals and societies allocate resources to achieve maximum satisfaction. By studying economics, we gain insights into how people make decisions and how markets function, which helps us understand and address various economic issues and challenges.

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  • 4. 

    Advance in knowledge leading to new and improved goods and services and better ways of producing them is?

    • Economics

    • Labor

    • Technology

    • Capital

    Correct Answer
    A. Technology
    Explanation
    The advance in knowledge leading to new and improved goods and services and better ways of producing them is referred to as technology. Technology plays a crucial role in economic growth and development by enabling the creation of innovative products, increasing efficiency, and improving productivity. It allows for the development of new industries and the enhancement of existing ones, leading to economic progress and improved living standards.

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  • 5. 

    Human effort directed toward producing goods and services is?

    • Economics

    • Labor

    • Capital

    • Technology

    Correct Answer
    A. Labor
    Explanation
    Labor refers to the human effort directed towards producing goods and services. It includes both physical and mental work done by individuals in various economic activities. Labor is an essential factor of production and plays a crucial role in the production process. It encompasses the skills, knowledge, and abilities of individuals that contribute to the creation of goods and services. In economics, labor is considered as one of the key inputs alongside capital, technology, and natural resources in the production of goods and services.

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  • 6. 

    The basic problem of economics is

    • Scarcity

    • Shortages

    • Lack of Choice

    • Overabundance of resources

    Correct Answer
    A. Scarcity
    Explanation
    The basic problem of economics is scarcity. Scarcity refers to the limited availability of resources in relation to unlimited wants and needs. This fundamental economic problem forces individuals, businesses, and governments to make choices about how to allocate these scarce resources efficiently. Scarcity is the driving force behind the study of economics and is the reason why individuals and societies must make trade-offs and prioritize their needs and wants.

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  • 7. 

    To an economist, a want is

    • Something you do not have

    • Something you must have to survive

    • Something other than a basic survival need

    • Something most people have

    Correct Answer
    A. Something other than a basic survival need
    Explanation
    In economics, a want refers to something that is desired or preferred by an individual but is not necessary for survival. It goes beyond basic survival needs such as food, shelter, and clothing. Wants are usually driven by personal preferences, cultural influences, and individual tastes. They can range from luxury goods to experiences and entertainment.

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  • 8. 

    Previously manufactured goods used to make other goods and services are?

    • Economics

    • Labor

    • Goods

    • Capital

    Correct Answer
    A. Capital
    Explanation
    Capital refers to previously manufactured goods that are used to produce other goods and services. These can include machinery, equipment, tools, buildings, and infrastructure. These capital goods are essential for the production process and are not consumed in the immediate production of goods and services. Instead, they help enhance productivity and efficiency, leading to increased output and economic growth.

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  • 9. 

    The need to make choices arises because

    • Some things are not limited

    • Shortages are a constant situation

    • Everything that exists is limited

    • People need to share their resources

    Correct Answer
    A. Everything that exists is limited
    Explanation
    The need to make choices arises because everything that exists is limited. This means that resources, such as time, money, and materials, are finite and cannot satisfy all the wants and needs of individuals or society. Therefore, individuals and societies must prioritize and make choices about how to allocate these limited resources to fulfill their most important needs and desires. Without this limitation, there would be no need to make choices as everything would be abundant and readily available.

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  • 10. 

    The four factors of production are the resources of land, labor, capital and ________?

    • Productivity

    • Entrepreneurship

    • Machinery

    • Services

    Correct Answer
    A. Entrepreneurship
    Explanation
    Entrepreneurship is the correct answer because it refers to the ability and willingness to start, organize, and manage a business venture by taking risks and utilizing the other factors of production (land, labor, and capital) to create goods or services. Entrepreneurs play a crucial role in driving economic growth and innovation by identifying opportunities, making decisions, and mobilizing resources. They are responsible for organizing and coordinating the other factors of production to create value and generate profits.

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  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Dec 22, 2010
    Quiz Created by
    Tstrein
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