Quiz: Economics Trivia Questions And Answers!
10 Questions
| Total Attempts: 62
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Looking for a comprehensive set of economics questions and answers? Here is the best quiz for you. This quiz pertains to which factor of production affects the other three, what is a factory machine, what is necessary being something you need instead of being what you want, what is demand for a product, and in which type of government makes all the decisions. This quiz will provide you with questions and answers about economics.
Questions and Answers
- 1.A factory machine is an example of which factor of production.
- A.
Capital
- B.
Management
- C.
Land
- D.
Labor
- 2.This factor or production directs the other three.
- A.
Labor
- B.
Land
- C.
Management
- D.
Capital
- 3.Which of these items is not considered to be a want.
- A.
Car
- B.
Ipod
- C.
Shelter
- 4.The demand for air conditioners in July is ______.
- A.
Low
- B.
High
- C.
Stable
- 5.In what year did the Swedish academy of science institute the Nobel prize in economic science.
- A.
1956
- B.
1944
- C.
1939
- D.
1938
- 6.The Customary observance of veterans day in November as a link to our past would be important to this social science.
- A.
Economics
- B.
Sociology
- C.
Anthropology
- 7.The government makes all of the decisions and consumers' choices are given little attention.
- A.
Totalitarian Dictatorship
- B.
Communism
- C.
Macroeconomics
- 8.In this type of economy, the price consumers pay for goods and services is set by the government.
- A.
Traditional
- B.
Communism
- C.
Controlled
- 9.The basic problems of scarcity and allocation of limited resources are solved by production for use or need rather than production for profit.
- A.
Communism
- B.
Socialism
- C.
Traditional
- D.
Controlled
- 10.Which branch of economics focuses on how human behavior affects all areas of the economy.
- A.
Macroeconomics
- B.
Microeconomics
- C.
Economics
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