Economics Basics: Test! Quiz

10 Questions | By Samuelsj2 | Updated: Mar 22, 2022 | Attempts: 378

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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