Economic Decision Making Quiz
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Questions and Answers

What does the word 'economy' originate from?

  • Arabic word “iktisad” meaning 'frugality'
  • French word “économie” meaning 'financial system'
  • Greek word “oikonomos” meaning 'one who manages a household' (correct)
  • Latin word “economia” meaning 'management of resources'

What represents the level of economic activity in a society?

  • The distribution of wealth
  • The amount of buying and selling (correct)
  • The number of businesses
  • The size of the government

What is the tension in an economy according to the text?

  • Unlimited desires and resources
  • Limited desires for goods and unlimited resources
  • Unlimited desires for goods and limited resources (correct)
  • Equal desires for goods and resources

What are some examples of scarce resources mentioned in the text?

<p>Land, oil, labor, physical capital, human capital (C)</p> Signup and view all the answers

How is the economy compared to households in the text?

<p>Like big households where decisions need to be made (D)</p> Signup and view all the answers

What is the meaning of 'economy' based on its Greek origin?

<p>One who manages a household (B)</p> Signup and view all the answers

In the context of the text, what does the term 'scarce resources' refer to?

<p>Limited land, labor, and capital (B)</p> Signup and view all the answers

What represents the level of economic activity in a society according to the text?

<p>The amount of buying and selling (C)</p> Signup and view all the answers

What is the tension in an economy according to the text?

<p>Unlimited desires for goods and limited resources (A)</p> Signup and view all the answers

How are economies compared to households in the text?

<p>Both require decision-making about resource allocation (C)</p> Signup and view all the answers

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