Economics Questions And Answers! Trivia Quiz

10 Questions | Total Attempts: 31

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Economics Questions And Answers! Trivia Quiz

Below is a trivia quiz on the English language. One of the ways to understand the English language is tested is based on your ability to write grammatically correct sentences. In this quiz, you will be expected to fill in the most appropriate word. Do give it a try and keep a lookout for others like it!


Questions and Answers
  • 1. 
    The conflict between the scarce economic wants of society and its unlimited economic resources gives rise to the economizing problem.  
    • A. 

      True

    • B. 

      False

  • 2. 
    The wants with which economics is concerned include only those wants that can be satisfied by goods and services.
    • A. 

      True

    • B. 

      False

  • 3. 
    Money is a resource and is classified as capital.  
    • A. 

      True

    • B. 

      False

  • 4. 
    From an economist's perspective, investment refers to the production and purchase of capital goods.
    • A. 

      True

    • B. 

      False

  • 5. 
    The payment to entrepreneurial ability is interest income.
    • A. 

      True

    • B. 

      False

  • 6. 
    Resources are scarce because society's material wants are unlimited and productive resources are limited.
    • A. 

      True

    • B. 

      False

  • 7. 
    Economic efficiency requires that there be both full employment of resources and full production.  
    • A. 

      True

    • B. 

      False

  • 8. 
    Allocative efficiency means that goods and services are being produced by society in the least costly way.
    • A. 

      True

    • B. 

      False

  • 9. 
    Only allocative efficiency is necessary for there to be full production.  
    • A. 

      True

    • B. 

      False

  • 10. 
    The opportunity cost of producing antipollution devices is the other goods and services the economy is unable to produce because it has decided to produce these devices.
    • A. 

      True

    • B. 

      False