What Is Economics? Chapter 1 Test

8 Questions

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Economics Quizzes & Trivia

You might have absolutely no idea what the social science of economics even covers, never mind how it is studied, analyzed and put into practice. That’s completely fine, however, as your presence here shows us that you have a desire to learn a little about the subject! Let’s start from the beginning, shall we? Take the following quiz on the first chapter of economic study to see if you know anything right off the bat.


Questions and Answers
  • 1. 
    What does TINSTAAFL stand for?
    • A. 

      There Is No Such Thing As A Free Lunch

    • B. 

      That Is Not So True All Allies Fall Long

    • C. 

      This Is Not So Tall All Aliens Freely Launch

    • D. 

      There Is No Such Thing As A Free Lobster

  • 2. 
    What is  the economic problem
    • A. 

      Wants

    • B. 

      Goods

    • C. 

      Scarcity

    • D. 

      Labor

  • 3. 
    What are the four factors of production?
    • A. 

      Wants,needs,value and utility

    • B. 

      Land,capital,labor and entrepreneurs

    • C. 

      Consumers,goods,sevices and market

    • D. 

      Land,seller,buyers and enterprise

  • 4. 
    Consumers use goods and servicesto satisfy their
    • A. 

      Wants and needs

    • B. 

      Opportunity cost

    • C. 

      Hunger and thurst

    • D. 

      None of the above

  • 5. 
    A tree for a hard-wood floor company would be
    • A. 

      Labor

    • B. 

      Land

    • C. 

      Capital

    • D. 

      Productivity

  • 6. 
    An irrigational system would be what for a frozen food company
    • A. 

      Land

    • B. 

      Labor

    • C. 

      Capital

    • D. 

      Value

  • 7. 
    A chainsaw for a lumber company would be what
    • A. 

      Capital

    • B. 

      Goods

    • C. 

      Utility

    • D. 

      Wants

  • 8. 
    The scope of economics deals with every thing except
    • A. 

      Description

    • B. 

      Analysis

    • C. 

      Entrepreneur

    • D. 

      Prediction