Economics Basics Quiz
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Economics Basics Quiz

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@SteadyStatueOfLiberty

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Questions and Answers

What is the central focus of economics?

  • Unlimited availability of resources
  • Maximizing human wants
  • The abundance of resources
  • Scarcity of resources and choices among their alternative uses (correct)

    • What is one reason scarcity of resources leads to economic problems?

  • Abundance of resources
  • Unlimited human wants and scarce resources (correct)
  • Equal distribution of resources
  • Lack of interest in resource management

    • Why do people need to make choices among alternatives according to the text?

  • To satisfy unlimited human wants with limited resources (correct)
  • To reduce scarcity of resources
  • Because they have no preferences
  • To increase wealth for everyone

    • What does the science of economics primarily focus on?

    <p>Satisfying unlimited human wants with limited resources</p> Signup and view all the answers

    In economics, why is the knowledge of economics important for comparing alternatives?

    <p>To choose the best option among alternatives due to scarcity</p> Signup and view all the answers

    What is responsible for inducing people to make choices among alternatives according to the text?

    <p>Scarcity of resources</p> Signup and view all the answers

    According to Adam Smith, what did he consider the science of economics to be?

    <p>The science of wealth</p> Signup and view all the answers

    Why did Ruskin and Carlyle criticize economics as a 'dismal science' according to the text?

    <p>Because it promoted selfishness against ethics</p> Signup and view all the answers

    What did Alfred Marshall emphasize in his definition of economics?

    <p>The material requisites of well-being</p> Signup and view all the answers

    What distinction did Marshall make between material and immaterial things in his definition of economics?

    <p>Material things can be touched, immaterial things cannot</p> Signup and view all the answers

    Why was Alfred Marshall criticized according to the text?

    <p>For focusing only on material things promoting welfare</p> Signup and view all the answers

    What did Adam Smith believe would lead individuals to promote the interests of society?

    <p>An invisible hand</p> Signup and view all the answers

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