Economics Basics: Test! Quiz
10 Questions
| Total Attempts: 269
(147).jpg "Economics Basics: Test! Quiz")
Play our online quiz on the basics of economics and test your knowledge about the most important concepts include the three types of wealth, what is described as a factor of production, the establishment of goods and services to meet the consumer's demands, how productivity relates to economics, and which feature of the output is human-made. This quiz will help you sort out the fundamentals of economics. You can do it.
Questions and Answers
- 1.Classification of wealth. (Three types of wealth)
- 2.The individual's total personal income.
- 3.This is the cost of producing one additional unit of an item.
- 4.Which of the following are referred to as a factor of production?
- A.
Health
- B.
Capital
- C.
Cost
- D.
Business
- 5.What is the reward for land as a factor of production?
- A.
Profit
- B.
Interest
- C.
Wages
- D.
Rent
- 6.What is the reward for labour as a factor of production?
- A.
Money
- B.
Promotion
- C.
Wages
- D.
Payment
- 7.This is referred to as the creation of goods and services to meet the demands of the consumer.
- A.
Productivity
- B.
Production
- C.
Producers
- D.
Suppliers
- 8.Which factor of production is man made?
- 9.Which terms is used in describing the the optimal allocation of resources?
- 10.Which term describes the overall cost of production?
- A.
Marginal cost
- B.
Average cost
- C.
Total cost
- D.
Variable cost
Different factors affect the economic status of a country or individual, and one of the most common is the political environment and inflation as a whole. Over the past few weeks, we have covered much about economic and social...
Questions: 10 | Attempts: 18339 | Last updated: Jun 15, 2020
-
Sample Question"Inflation increases the average level of prices". What does this statement refers to? 1. The price of commodities exceeds income 2. In real terms, the Money supply grows at a higher rate than the Gross Domestic ProductSelect the correct answer
Test Your Economics Knowledge With This Quiz! Human wants are unlimited, but the resources used to meet them are scarce. This, therefore, means that organizations and governments need to know how to use these resources and meet...
Questions: 27 | Attempts: 13720 | Last updated: Mar 22, 2021
-
Sample QuestionWhat is the financial gain made in transactions?
Questions: 52 | Attempts: 13485 | Last updated: Dec 18, 2020
-
Sample QuestionRIBO regulations stipulate that a broker must provide a policy or certificate of insurance to an insured within a certain period of time. What is the length of that period?
Back to top