Economics

10 Questions

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Economics Quizzes & Trivia

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