Economics Vocabulary Terms Quiz! Trivia

23 Questions | Attempts: 12
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  • 1/23 Questions

    Scarity

    • A situation in which unlimited wants exceed the limited resources available to fulfill those wants.
    • A curve showing the maximum attainable combinations of two products that may be produced with available resources and current technology.
    • The highest-valued alternative that must be given up to engage in an activity. The highest-valued alternative that must be given up to engage in an activity. The highest-valued alternative that must be given up to engage in an activity.
    • The act of buying and selling
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About This Quiz


How much economics vocabulary do you know? Do you know that liquidity is the extent to which assets could rapidly be converted to cash? Another word used in economics is elasticity. It measures how much an economic factor changes in response to the other. If demand hits when prices are low but contract when prices are high, that is called elastic demand. You need to take this exceptional quiz on economics vocabulary.

Economics Vocabulary Terms Quiz! Trivia - Quiz

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  • 2. 

    PPF

    • A situation in which unlimited wants exceed the limited resources available to fulfill those wants.

    • A curve showing the maximum attainable combinations of two products that may be produced with available resources and current technology.

    • The highest-valued alternative that must be given up to engage in an activity. The highest-valued alternative that must be given up to engage in an activity. The highest-valued alternative that must be given up to engage in an activity.

    • The act of buying and selling

    Correct Answer
    A. A curve showing the maximum attainable combinations of two products that may be produced with available resources and current technology.
  • 3. 

    Opp Cost

    • A situation in which unlimited wants exceed the limited resources available to fulfill those wants.

    • A curve showing the maximum attainable combinations of two products that may be produced with available resources and current technology.

    • The highest-valued alternative that must be given up to engage in an activity. The highest-valued alternative that must be given up to engage in an activity. The highest-valued alternative that must be given up to engage in an activity.

    • The act of buying and selling

    Correct Answer
    A. The highest-valued alternative that must be given up to engage in an activity. The highest-valued alternative that must be given up to engage in an activity. The highest-valued alternative that must be given up to engage in an activity.
  • 4. 

    Trade

    • A situation in which unlimited wants exceed the limited resources available to fulfill those wants.

    • A curve showing the maximum attainable combinations of two products that may be produced with available resources and current technology.

    • The highest-valued alternative that must be given up to engage in an activity. The highest-valued alternative that must be given up to engage in an activity. The highest-valued alternative that must be given up to engage in an activity.

    • The act of buying and selling

    Correct Answer
    A. The act of buying and selling
  • 5. 

    Buying Shoes

    • Goods

    • Labor

    Correct Answer
    A. Goods
  • 6. 

    Shoes Maker

    • Goods

    • Labor

    Correct Answer
    A. Labor
  • 7. 

    Natural Resorce

    • All types of work, from the part-time labor of teenagers working at McDonald’s to the work of top managers in large corporations.

    • Refers to physical capital, such as computers and machine tools, that is used to produce other goods.

    • Include land, water, oil, iron ore, and other raw materials (or “gifts of nature”) that are used in producing goods.

    • Someone who operates a business. Entrepreneurial ability is the ability to bring together the other factors of production to successfully produce and sell goods and services.

    Correct Answer
    A. Include land, water, oil, iron ore, and other raw materials (or “gifts of nature”) that are used in producing goods.
  • 8. 

    Market

    • Goods

    • Labor

    • The inputs used to make goods and services.

    • A group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade. A market with few government restrictions on how a good or service can be produced or sold or on how a factor of production can be employed.

    Correct Answer
    A. A group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade. A market with few government restrictions on how a good or service can be produced or sold or on how a factor of production can be employed.
  • 9. 

    Circular-flow diagram 

    • A model that illustrates how participants in markets are linked. A model that illustrates how participants in markets are linked.

    • Someone who operates a business, bringing together the factors of production— labor, capital, and natural resources—to produce goods and services. Someone who operates a business, bringing together the factors of production— labor, capital, and natural resources—to produce goods and services.

    • The rights individuals or firms have to the exclusive use of their property, including the right to buy or sell it.

    Correct Answer
    A. A model that illustrates how participants in markets are linked. A model that illustrates how participants in markets are linked.
  • 10. 

    What does PFF mean

    • Production possibilities frontier

    • Producing Product Finally

    Correct Answer
    A. Production possibilities frontier
  • 11. 

    Economic Growth

    • The ability of the economy to increase the production of goods and services. The ability of the economy to increase the production of goods and services.

    • The ability of an individual, a firm, or a country to produce more of a good or service than competitors, using the same amount of resources.

    • The ability of an individual, a firm, or a country to produce a good or service at a lower opportunity cost than competitors.

    Correct Answer
    A. The ability of the economy to increase the production of goods and services. The ability of the economy to increase the production of goods and services.
  • 12. 

    Labor

    • All types of work, from the part-time labor of teenagers working at McDonald’s to the work of top managers in large corporations.

    • Refers to physical capital, such as computers and machine tools, that is used to produce other goods.

    • Include land, water, oil, iron ore, and other raw materials (or “gifts of nature”) that are used in producing goods.

    • Someone who operates a business. Entrepreneurial ability is the ability to bring together the other factors of production to successfully produce and sell goods and services.

    Correct Answer
    A. All types of work, from the part-time labor of teenagers working at McDonald’s to the work of top managers in large corporations.
  • 13. 

    Capital

    • All types of work, from the part-time labor of teenagers working at McDonald’s to the work of top managers in large corporations.

    • Refers to physical capital, such as computers and machine tools, that is used to produce other goods.

    • Include land, water, oil, iron ore, and other raw materials (or “gifts of nature”) that are used in producing goods.

    • Someone who operates a business. Entrepreneurial ability is the ability to bring together the other factors of production to successfully produce and sell goods and services.

    Correct Answer
    A. Refers to physical capital, such as computers and machine tools, that is used to produce other goods.
  • 14. 

    Enternerial

    • All types of work, from the part-time labor of teenagers working at McDonald’s to the work of top managers in large corporations.

    • Refers to physical capital, such as computers and machine tools, that is used to produce other goods.

    • Include land, water, oil, iron ore, and other raw materials (or “gifts of nature”) that are used in producing goods.

    • Someone who operates a business. Entrepreneurial ability is the ability to bring together the other factors of production to successfully produce and sell goods and services.

    Correct Answer
    A. Someone who operates a business. Entrepreneurial ability is the ability to bring together the other factors of production to successfully produce and sell goods and services.
  • 15. 

    Enternership

    • A model that illustrates how participants in markets are linked. A model that illustrates how participants in markets are linked.

    • Someone who operates a business, bringing together the factors of production— labor, capital, and natural resources—to produce goods and services. Someone who operates a business, bringing together the factors of production— labor, capital, and natural resources—to produce goods and services.

    • The rights individuals or firms have to the exclusive use of their property, including the right to buy or sell it.

    Correct Answer
    A. Someone who operates a business, bringing together the factors of production— labor, capital, and natural resources—to produce goods and services. Someone who operates a business, bringing together the factors of production— labor, capital, and natural resources—to produce goods and services.
  • 16. 

    Property Rights

    • A model that illustrates how participants in markets are linked. A model that illustrates how participants in markets are linked.

    • Someone who operates a business, bringing together the factors of production— labor, capital, and natural resources—to produce goods and services. Someone who operates a business, bringing together the factors of production— labor, capital, and natural resources—to produce goods and services.

    • The rights individuals or firms have to the exclusive use of their property, including the right to buy or sell it.

    Correct Answer
    A. The rights individuals or firms have to the exclusive use of their property, including the right to buy or sell it.
  • 17. 

    Law of Increase opp cost

    • Never straight

    • Always Straight

    Correct Answer
    A. Never straight
  • 18. 

    If property rights are not well enforced:

    • Fewer goods and services will be produced. This reduces economic efficiency, leaving the economy inside its production possibilities frontier.

    • goods and services will be produced. This reduces economic efficiency, leaving the economy inside its production possibilities frontier.

    Correct Answer
    A. Fewer goods and services will be produced. This reduces economic efficiency, leaving the economy inside its production possibilities frontier.
  • 19. 

    Factor Market

    • Markets for goods—such as computers—and services—such as medical treatment.

    • Markets for the factors of production, such as labor, capital, natural resources, and entrepreneurial ability.

    • The inputs used to make goods and services. The inputs used to make goods and services.

    • A group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade.

    • A market with few government restrictions on how a good or service can be produced or sold or on how a factor of production can be employed.

    Correct Answer
    A. Markets for the factors of production, such as labor, capital, natural resources, and entrepreneurial ability.
  • 20. 

    Product Market

    • Markets for goods—such as computers—and services—such as medical treatment.

    • Markets for the factors of production, such as labor, capital, natural resources, and

    • The inputs used to make goods and services.

    • A group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade.

    • A market with few government restrictions on how a good or service can be produced or sold or on how a factor of production can be employed.

    Correct Answer
    A. Markets for goods—such as computers—and services—such as medical treatment.
  • 21. 

    Absoulte Value

    • The ability of the economy to increase the production of goods and services. The ability of the economy to increase the production of goods and services.

    • The ability of an individual, a firm, or a country to produce more of a good or service than competitors, using the same amount of resources.

    • The ability of an individual, a firm, or a country to produce a good or service at a lower opportunity cost than competitors.

    Correct Answer
    A. The ability of an individual, a firm, or a country to produce a good or service at a lower opportunity cost than competitors.
  • 22. 

      Comparative Value

    • The ability of the economy to increase the production of goods and services. The ability of the economy to increase the production of goods and services.

    • The ability of an individual, a firm, or a country to produce more of a good or service than competitors, using the same amount of resources.

    • The ability of an individual, a firm, or a country to produce a good or service at a lower opportunity cost than competitors.

    Correct Answer
    A. The ability of an individual, a firm, or a country to produce more of a good or service than competitors, using the same amount of resources.
  • 23. 

    Factors of Production

    • Goods

    • Labor

    • The inputs used to make goods and services.

    • A group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade.

    • A market with few government restrictions on how a good or service can be produced or sold or on how a factor of production can be employed.

    Correct Answer
    A. The inputs used to make goods and services.

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  • Mar 20, 2022
    Quiz Edited by
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  • Jan 29, 2012
    Quiz Created by
    Buttercupxx11
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