10 Questions
Which term refers to the problem of limited resources not being enough to fulfill people's wants?
Scarcity
Which of the following is NOT considered a productive resource?
Money
Shortages occur when items sell out at the current price, leaving consumers who were willing to buy without. What does this indicate about the market price?
The market price is too low
Which factor is considered the most important characteristic of market-based economies like capitalism?
Enforcement of property rights
What is the primary role of individual consumers in a market economy?
Deciding which products to consume
Which country is considered to have a capitalist economy close to a pure market economy?
United States
Which of the following is NOT one of the 4 resources mentioned in the text?
Entrepreneurship
What is the definition of human capital?
The skills and knowledge of a worker
What is the opportunity cost of a choice?
The value of the alternative option
Which economic system relies on custom and culture to answer the three basic economic questions?
Traditional economy
Test your knowledge of key economic concepts with this quiz! Explore topics such as scarcity, opportunity cost, supply and demand, market equilibrium, and economic systems. Perfect for beginners or those looking to refresh their understanding of economics.
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