Economics
10 Questions
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The test will cover the first unit on the introduction of economics.
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
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