Economics Quiz

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Questions and Answers

Which of the following statements provides the best definition of economics?

  • C) The study of the production of goods and services.
  • B) The study of the use of scarce resources to satisfy unlimited human wants. (correct)
  • A) The study of the most equitable distribution of scarce resources.
  • D) The study of the productive capacity of a nation's factors of production.
  • E) The study of production and increasing its efficiency.

What are the broad categories into which society's resources are often divided?

  • E) Tangible commodities and intangible commodities.
  • A) Goods and services.
  • C) Land, labour, and capital. (correct)
  • D) Population and natural resources.
  • B) Factors of consumption.

What is the main focus of economics?

  • D) Increasing the efficiency of production.
  • B) The production of goods and services.
  • E) Satisfying unlimited human wants with scarce resources. (correct)
  • C) The productive capacity of a nation's factors of production.
  • A) The equitable distribution of scarce resources.

What does the production possibilities boundary illustrate?

<p>E) The trade-offs between different goods and services that can be produced. (B)</p> Signup and view all the answers

What is the significance of scarcity in economics?

<p>D) Scarcity highlights the need for choice and opportunity cost. (A)</p> Signup and view all the answers

Which of the following is the best definition of economics?

<p>The study of the use of scarce resources to satisfy unlimited human wants. (B)</p> Signup and view all the answers

What does the production possibilities boundary illustrate?

<p>The maximum quantity of goods and services that can be produced using available resources. (A)</p> Signup and view all the answers

Which of the following are the broad categories into which society's resources are often divided?

<p>Population and natural resources. (C)</p> Signup and view all the answers

What is the main focus of economics?

<p>The efficient allocation of resources. (B)</p> Signup and view all the answers

What is the significance of scarcity in economics?

<p>Scarcity is a fundamental concept in economics. (D)</p> Signup and view all the answers

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