Economics Questions And Answers! Trivia Quiz

21 Questions | Total Attempts: 64

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Economics Questions And Answers! Trivia Quiz - 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

  • 11. 
    The opportunity cost of producing a good tends to increase as more of it is produced because resources less suitable in its production must be employed. 
    • A. 

      True

    • B. 

      False

  • 12. 
    Drawing a production possibilities curve concave to the origin is the geometric way of stating the law of increasing opportunity costs.  
    • A. 

      True

    • B. 

      False

  • 13. 
    Economic rationale for the law of increasing opportunity cost is that economic resources are fully adaptable to alternative uses.
    • A. 

      True

    • B. 

      False

  • 14. 
    Allocative efficiency is determined by assessing the marginal costs and benefits of the output from the allocation of resources to production. 
    • A. 

      True

    • B. 

      False

  • 15. 
    Given full employment and full production, it is not possible for an economy capable of producing only two goods to increase its production of both at any one point in time. 
    • A. 

      True

    • B. 

      False

  • 16. 
    Economic growth means an increase in the production of goods and services, and is shown by a movement of the production possibilities curve outward and to the right.  
    • A. 

      True

    • B. 

      False

  • 17. 
    The more capital goods an economy produces today, the greater will be the total output of all goods it can produce in the future, other things being equal.
    • A. 

      True

    • B. 

      False

  • 18. 
    International specialization and trade permit an economy to overcome the limits imposed by domestic production possibilities and have the same effect on the economy as having more and better resources. 
    • A. 

      True

    • B. 

      False

  • 19. 
    The elimination of widespread discrimination based on race, religion, or ethnicity in an economy would move it from a point inside its production possibilities curve toward a point on the curve. 
    • A. 

      True

    • B. 

      False

  • 20. 
    In the circular flow model, households function on the buying side of the resource and product market.
    • A. 

      True

    • B. 

      False

  • 21. 
    In the circular flow model, there is a real flow of economic resources and finished goods and services and a money flow of income and consumption expenditures.
    • A. 

      True

    • B. 

      False

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