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Economics Basics Quiz

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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?

Satisfying unlimited human wants with limited resources Signup and view all the answers

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

To choose the best option among alternatives due to scarcity Signup and view all the answers

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

Scarcity of resources Signup and view all the answers

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

The science of wealth Signup and view all the answers

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

Because it promoted selfishness against ethics Signup and view all the answers

What did Alfred Marshall emphasize in his definition of economics?

The material requisites of well-being Signup and view all the answers

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

Material things can be touched, immaterial things cannot Signup and view all the answers

Why was Alfred Marshall criticized according to the text?

For focusing only on material things promoting welfare Signup and view all the answers

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

An invisible hand Signup and view all the answers