Exams are the most cricual part of our learning phase, expecially when it is for subject like Economics. Some would agree that economics is challenging at best. If you don’t think so, this quiz can change your mind. For this quiz, you will be required to know the three main economics questions: the definition of capital, what it means to be an entrepreneur and the opportunity cost. Dive in and take a chance with this quiz; you will learn about economics.
The study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources
Employment, gross domestic product, inflation, economic growth, and the distribution of income
Deals with behavior and decision making by small units, such as individuals and firms
A rise in the general level of prices occurs, workers need more money to pay for good clothing and shelter
Giving something up to have something else
Extra cost of producing one additional unit of production
The condition that results from society not having enough resources to produce all the things people would like to have
A rise in the general level of prices occurs, workers need more money to pay for good clothing and shelter
What, where, whom
What, how, whom
How, whom, when
What, why, whom
Land, capital, money, entrepreneurs
Land, capital, labor, entrepreneurs
Capital, money, supply, demand
Labor, capital, supply, demand
The tools, equipment used in the production of goods
The machinery, and factories used in the production of goods
The tools, and machinery used in the production of goods
A and B
B and C
People with all of the efforts, abilities, and skills
The people who are for hire for work
People with all of the workmanship, skills, and work
The act of performing work at any given time
A risk taker in search of profits who's initila investment must be returned
A investor in search of profits who does something new with existing resources
A investor in search of profits who's initial investment must be returned
A risk taker in search of profits who does something new with existing resources
Land - wages, labor - interest, capital - rent, entrepreneurs - profit
Land - rent, labor - wages, capital - interest, entrepreneurs - profit
Land - profit, labor - rent, capital - wages, entrepreneurs - interest
Land - interest, labor - rent, capital - profit, entrepreneurs - wages
The cost assosiated with any opportunity
Giving the cost in order to have the opportunity
The cost required in order to succeed
Giving something up to have something else
Possible Production Frontier
Production Possibilities Frontier
Probable Projection Frontier
Projected Possibilities Frontier
By having more resources or increased productivity
By having an increase in supply and demand
By having less resources or declined productivity
By having an increase in resources and decrease in productivity
Production at greater than its minimum potential
Production as less than its minimum potential
Production at greater than its maximum potential
Production as less than its maximum potential
They provide the money necessary for the resources of land, labor, and capital
They provide the procedures that combines the resources of land, labor, and capital into new products
They provide the initiative that combines the resources of land, labor, and capital into new products
They provide the drive necessary for the resources of land, labor, and capital
Traditional, command, market
Command, market, competitive
Traditional, market, competitive
Command, traditional, competitive
Proprietorship, corporation, industrial
Partnership, industrial, commercial
Corporation, proprietorship, commercial
Proprietorship, partnership, corporation
Economic freedom, voluntary exchange, private property rights, profit motive, and competition
Economic freedom, lack on monopolies, private property rights, profit motive, and competition
Economic freedom, voluntary exchange, prevailence of rights, profit motive, and competition
Economic freedom, voluntary exchange, private property rights, profit margain reduction, and competition
Rule stating that the quantity demanded of a good or service does not vary with its availability
Rule stating that the quantity demanded of a good or service does not vary with its price
Rule stating that the quantity demanded of a good or service varies inversely with its availability
Rule stating that the quantity demanded of a good or service varies inversely with its price
The principle that suppliers will normally offer less for sale at high prices and more at lower prices
The principle that suppliers will normally offer more for sale at high prices and less at lower prices
The increase/decrease in need
The increase/decrease in volume
The increase/decrease in price
The increase/decrease in production
The increase/decrease in demand
The increase/decrease in production
The increase/decrease in volume
The increase/decrease in price
A situation in which the quantity demanded is greater than the quantity supplied at a given price
A situation in which the quantity demanded is less than the quantity supplied at a given price
A situation in which the quantity demanded is not offered by the manufacturer
A situation in which the quantity demanded can not meet the supply provided
A situation in which the quantity supplied is not met by the manufacturer
A situation in which the quantity demanded is greater than the quantity demanded at a given price
A situation in which the quantity supplied is less than the quantity demanded at a given price
A situation in which the quantity supplied is greater than the quantity demanded at a given price
A minimum legal price in order to maintain agreement
A maximum legal price in order to maintain agreement
A maximum legal price that can be charged for a product
A minimum legal price that can be charged for a product
Highest legal price that can be paid for a good or service
Lowest legal price that can be paid for a good or service
Highest legal price that can be charged in order to maintain agreement
Lowest legal price that can be charged in order to maintain agreement
When a given change in price causes a relatively larger change in quantity demanded
When a given change in quantity demanded causes a relatively larger change in price
When a given change in price causes a relatively smaller change in quantity demanded
When a given change in quantity demanded causes a relatively smaller change in price
Wait!
Here's an interesting quiz for you.