Question

Question 1 of 17

The study of how individuals and societies make decisions about resources, production, distribution, exchange, and consumption of goods and services, given unlimited and competing wants, and given the scarcity of resources is:


Select an answer from the options below.

A

economics

B

social science

C

economic utility

D

inflation

Question 2 of 17

The study of behavior and decision-making of individuals and businesses in an economy is:


Select an answer from the options below.

A

macroeconomics

B

microeconomics

C

economic utility

D

economic want

Question 3 of 17

The study of the behavior, performance, structure, and decision-making of an economy as a whole is:


Select an answer from the options below.

A

economic want

B

economic good

C

macroeconomics

D

microeconomics

Question 4 of 17

Choosing between two things that cannot be had or done at the same time, which may require a compromise is a/an:


Select an answer from the options below.

A

noneconomic want

B

opportunity cost

C

resource

D

trade-off

Question 5 of 17

What basic questions do societies need to answer. Select THREE options.


Select your answer(s) from the options below.

A

What should be produced?

B

For Whom are the items produced?

C

Where should items be produced?

D

Why should items be produced?

E

How should items be produced?

Question 6 of 17

All the components needed for production including natural resources, labor, capital goods, and expertise are:


Select an answer from the options below.

A

resources

B

economic wants

C

noneconomic wants

D

producers

Question 7 of 17

Complete the definition with the correct term.

Natural resources are materials and substances found in nature that are used for economic ___________, including air, water, sun, fertile land, plants, timber, fossil fuels, and minerals.


Select an answer from the options below.

A

scarcity

B

gain

C

utility

D

need

Question 8 of 17

The physical assets used to produce goods and services, including machinery, equipment, buildings, and tools are:


Select an answer from the options below.

A

economic wants

B

opportunity costs

C

capital goods

D

natural resources

Question 9 of 17

The reality that people’s wants always exceed the resources available to fulfill those wants is:


Select an answer from the options below.

A

consumption

B

economics

C

inflation

D

scarcity

Question 10 of 17

Desires for goods, services or intangible items that can only be acquired by spending money are:


Select an answer from the options below.

A

economic wants

B

noneconomic wants

C

macroeconomics

D

microeconomics

Answer 1

Here are the answers:

1. A
2. B
3. C
4. D
5. A, B, E
6. A
7. B
8. C
9. D
10. A