Economics Fundamentals Quiz
10 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the definition of scarcity in economics?

  • Equal distribution of resources among individuals
  • Inability to satisfy all wants due to limited resources (correct)
  • Excessive production of goods and services
  • Unlimited resources to fulfill all wants

What does an incentive represent in economics?

  • A tax imposed on goods and services
  • An increase in demand for a product
  • A reward that encourages an action or a penalty that discourages an action (correct)
  • A subsidy provided by the government

What is the main focus of microeconomics?

  • Examination of global trade patterns
  • Study of choices made by individuals and businesses (correct)
  • Investigation of government policies
  • Analysis of national economic performance

Which area of economics is concerned with the performance of the national economy?

<p>Macroeconomics (C)</p> Signup and view all the answers

What are the two main parts into which economics is divided?

<p>Microeconomics and Macroeconomics (B)</p> Signup and view all the answers

What is the definition of scarcity in economics?

<p>The inability to satisfy all wants due to limited resources (B)</p> Signup and view all the answers

What is the main focus of microeconomics?

<p>Studying individual and business choices and market interactions (B)</p> Signup and view all the answers

What does an incentive represent in economics?

<p>A reward or penalty that influences actions (D)</p> Signup and view all the answers

Which area of economics is concerned with the performance of the national economy?

<p>Macroeconomics (B)</p> Signup and view all the answers

What is the social science that studies the choices made by individuals, businesses, and societies in dealing with scarcity?

<p>Economics (B)</p> Signup and view all the answers

More Like This

Economics Fundamentals Quiz
6 questions
Economics Fundamentals Quiz
8 questions
Economics Fundamentals Quiz
3 questions
Economics Fundamentals Quiz
12 questions

Economics Fundamentals Quiz

InnovativeAstronomy6482 avatar
InnovativeAstronomy6482
Use Quizgecko on...
Browser
Browser