Basic Economic Questions
Economics questions
Top of Form
[pic][pic][pic]
1.
Scarcity:
[pic]A) exists because resources are unlimited while human wants are limited.
[pic]B) means we are unable to have as much as we would like to have.
[pic]C) will likely be eliminated as technology continues to expand.
[pic]D) is not an issue addressed in economics.
2.
Which of the following is true of resources?
[pic]A) Resources are inputs used to produce goods and services.
[pic]B) Labor is the mental and physical capacity of workers to produce goods and services.
[pic]C) Entrepreneurship organizes resources to produce goods and services.
[pic]D) All of these are true.
3.
Which of the following is not an example of a factor of production?
[pic]A) A forest.
[pic]B) A computer program.
[pic]C) A labor leader.
[pic]D) Dollars.
4.
The person who assumes the risks and uncertainties of starting a new business is considered to be:
[pic]A) the manager.
[pic]B) the out-resourcer.
[pic]C) a sales representative.
[pic]D) an entrepreneur.
5.
Which one of the following is the most accurate definition of economics?
[pic]A) Economics is the study of stocks and bonds.
[pic]B) Economics is the study of how people allocate unlimited resources.
[pic]C) Economics is the study of how consumers choose to spend their income.
[pic]D) Economics is the study of how society chooses to allocate scarce resources.
6.
The most fundamental concepts underlying the discipline of economics are:
[pic]A) scarcity and choice.
[pic]B) supply and demand.
[pic]C) money, stocks, and bonds.
[pic]D) inflation and unemployment.
7.
Policies to create jobs in the nation are the concern of:
[pic]A) macroeconomics.
[pic]B) microeconomics.
[pic]C) both microeconomics and macroeconomics.
[pic]D) neither microeconomics nor macroeconomics.
8.
An economist at the University of Alaska at Anchorage has been asked to explain why the price of Alaskan crude oil has fallen recently. In order to develop a model, the
Top of Form
[pic][pic][pic]
1.
Scarcity:
[pic]A) exists because resources are unlimited while human wants are limited.
[pic]B) means we are unable to have as much as we would like to have.
[pic]C) will likely be eliminated as technology continues to expand.
[pic]D) is not an issue addressed in economics.
2.
Which of the following is true of resources?
[pic]A) Resources are inputs used to produce goods and services.
[pic]B) Labor is the mental and physical capacity of workers to produce goods and services.
[pic]C) Entrepreneurship organizes resources to produce goods and services.
[pic]D) All of these are true.
3.
Which of the following is not an example of a factor of production?
[pic]A) A forest.
[pic]B) A computer program.
[pic]C) A labor leader.
[pic]D) Dollars.
4.
The person who assumes the risks and uncertainties of starting a new business is considered to be:
[pic]A) the manager.
[pic]B) the out-resourcer.
[pic]C) a sales representative.
[pic]D) an entrepreneur.
5.
Which one of the following is the most accurate definition of economics?
[pic]A) Economics is the study of stocks and bonds.
[pic]B) Economics is the study of how people allocate unlimited resources.
[pic]C) Economics is the study of how consumers choose to spend their income.
[pic]D) Economics is the study of how society chooses to allocate scarce resources.
6.
The most fundamental concepts underlying the discipline of economics are:
[pic]A) scarcity and choice.
[pic]B) supply and demand.
[pic]C) money, stocks, and bonds.
[pic]D) inflation and unemployment.
7.
Policies to create jobs in the nation are the concern of:
[pic]A) macroeconomics.
[pic]B) microeconomics.
[pic]C) both microeconomics and macroeconomics.
[pic]D) neither microeconomics nor macroeconomics.
8.
An economist at the University of Alaska at Anchorage has been asked to explain why the price of Alaskan crude oil has fallen recently. In order to develop a model, the