Introduction

12 Questions | Total Attempts: 36

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Introduction Quizzes & Trivia

This quiz covers material found in Tragakes Chapter 1 pages 1-18.


Questions and Answers
  • 1. 
    A 'good' can be described best as?
    • A. 

      A physical object that people want or need

    • B. 

      Something that is useful

    • C. 

      A non-physical object that people want or need

    • D. 

      You buy it in the shops

  • 2. 
    A 'good' can be described best as?
    • A. 

      A physical object that people want or need

    • B. 

      Something that is useful

    • C. 

      A non-physical object that people want or need

    • D. 

      You buy it in the shops

  • 3. 
    Complete the following sentence:The social sciences are....
  • 4. 
    Opportunity cost is the value of the next best alternative that foregone?
    • A. 

      True

    • B. 

      False

  • 5. 
    Resources are the inputs used to produce goods and services. They are alternatively referred to as?
  • 6. 
    Scarcity means?
    • A. 

      There is too much of a good to go around

    • B. 

      There is too much of a resources to meet the needs of producers

    • C. 

      There is not enough money in circulation

    • D. 

      There is not enough goods or resources to meet the needs and wants of everyone

  • 7. 
    The production possibility curve indicates the combination of any two products that are attainable when the community's resources are fully and efficiently attainable?
    • A. 

      True

    • B. 

      False

  • 8. 
    The study of economics arises because people's needs and wants are limited but resources are unlimited?
    • A. 

      True

    • B. 

      False

  • 9. 
    The term 'Economics' is derived from which language?
    • A. 

      Chinese

    • B. 

      English

    • C. 

      Greek

    • D. 

      Russian

  • 10. 
    What Latin expression means 'other things being equal'?
  • 11. 
    Which of the following are not a factor of production?
    • A. 

      Land

    • B. 

      Rent

    • C. 

      Labour

    • D. 

      Wages

    • E. 

      Capital

    • F. 

      Enterprise

  • 12. 
    Which word would complete the following sentences that relate to the three basic economic questions?What to________?How to_________?For whom to _____?