A Short Quiz On Economic Principles

5 Questions

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A Short Quiz On Economic Principles

Measures basic understanding of the subject and purpose of economics.


Questions and Answers
  • 1. 
    Economics is the study of:
    • A. 

      Banking and finance.

    • B. 

      The study of how individuals and societies satisfy their unlimited wants with limited resources.

    • C. 

      The examination of how government can intervene in the economy for purposeful objectives.

    • D. 

      A course that OMI students will never use in personal or professional lives.

  • 2. 
    Scarcity is
    • A. 

      When you want Cheerios and you have no milk.

    • B. 

      The lack of unlimited resources at your time and place.

    • C. 

      A situation because there are unlimited want and limited resources.

    • D. 

      The lack of food in African nations.

  • 3. 
    Wants in economic terms are:
    • A. 

      Desires satisfied by consuming a product or using a service that satisfies.

    • B. 

      A list of predictable items used by most humans.

    • C. 

      A normal human condition because the political system does not serve all.

    • D. 

      Predictable because all humans are the same.

  • 4. 
    Scarcity leads to three economic questions:
    • A. 

      What will be produced? How will it be produced? For whom it will be produced?

    • B. 

      Who get cookies? What cookies taste best? Who dips their cookies in the milk?

    • C. 

      How come I get one hot dog? Why does Julie have two hot dogs? Why do we hot dogs?

  • 5. 
    What are the factors of production?