Trivia: The Ultimate Economics Vocabulary Quiz

20 Questions | Total Attempts: 1816

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Trivia: The Ultimate Economics Vocabulary Quiz - Quiz

There are a lot of terms that are used regularly when it comes to economics and students are expected to know them by heart and use them when they go to practice in the different sectors, they will land in. Do you think you can pass this vocabulary quiz? Give it a shot and get to find out. All the best!


Questions and Answers
  • 1. 
    A person that combines land, labor, and capital to start a business
    • A. 

      Capital

    • B. 

      Consumer

    • C. 

      Entrepreneur

  • 2. 
    The distribution of resources
    • A. 

      Capitalism

    • B. 

      Allocation

    • C. 

      Free enterprise

  • 3. 
    An economic system in which individuals are free to create wealth
    • A. 

      Capitalism

    • B. 

      Command system

    • C. 

      Communism

  • 4. 
    Specialization of cooperative labor
    • A. 

      Efficiency

    • B. 

      Division of labor

    • C. 

      Factors of production

  • 5. 
    Using resources in such a way to maximize the production of goods and resources
    • A. 

      Efficiency

    • B. 

      Market system

    • C. 

      Allocation

  • 6. 
    An economic system in which the central government makes all the decisions on the production and consumption of goods and services
    • A. 

      Market system

    • B. 

      Communism

    • C. 

      Command system

  • 7. 
    An individual that participates in the free market by buying things.
    • A. 

      Producer

    • B. 

      Consumer

    • C. 

      Capitalist

  • 8. 
    Any human made resources that is used to make other goods and services
    • A. 

      Factors of production

    • B. 

      Capital

    • C. 

      Land

  • 9. 
    Land, labor, and capital
    • A. 

      Capital

    • B. 

      Product possibilities

    • C. 

      Factors of production

  • 10. 
    System characterized by private or corporate ownership of capital goods
    • A. 

      Free enterprise

    • B. 

      Communism

    • C. 

      Market system

  • 11. 
    A political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central government.
    • A. 

      Capitalism

    • B. 

      Communism

    • C. 

      Market system

  • 12. 
    The price paid for use of borrowed money
    • A. 

      Productivity

    • B. 

      Marginal

    • C. 

      Interest

  • 13. 
    The effort that people devote to a task for which they are paid
    • A. 

      Efficiency

    • B. 

      Labor

    • C. 

      Opportunity cost

  • 14. 
    Natural resources that are used to make goods and services
    • A. 

      Land

    • B. 

      Capital

    • C. 

      Factors of production

  • 15. 
    The cost of producing one more unit of a good
    • A. 

      Interest

    • B. 

      Productivity

    • C. 

      Marginal

  • 16. 
    The interaction of buyers and sellers determines the process of most goods as well as what quantity of a good will be produced
    • A. 

      Market system

    • B. 

      Captialism

    • C. 

      Communism

  • 17. 
    The most desirable alternative given up as the result of a decision
    • A. 

      Marginal

    • B. 

      Efficiency

    • C. 

      Opportunity cost

  • 18. 
    Someone who produces something
    • A. 

      Producer

    • B. 

      Entrepreneur

    • C. 

      Consumer

  • 19. 
    Possibilities made for production
    • A. 

      Allocation

    • B. 

      Factors of production

    • C. 

      Product possibilities

  • 20. 
    Value of output produced
    • A. 

      Interest

    • B. 

      Productivity

    • C. 

      Marginal

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