Explore Economic Principles Quiz
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Questions and Answers

What is the basic economic problem resulting from unlimited wants and limited resources?

  • Overabundance
  • Scarcity (correct)
  • Abundance
  • Surplus

    • Which of the following is not considered a factor of production?

  • Land
  • Technology (correct)
  • Capital
  • Labour

    • What does opportunity cost refer to?

  • The next best alternative given up when choosing another item (correct)
  • The cost of essential goods and services
  • The cost of luxury goods and services
  • The total cost of all available alternatives

    • What does the term 'specialization' refer to in economics?

    <p>Focusing on a specific task or skill in production</p> Signup and view all the answers

    What is the risk-taking ability of an entrepreneur referred to as?

    <p>Enterprise</p> Signup and view all the answers

    Specialization in economics refers to the concentration of productive efforts on a specific task or a narrow range of tasks.

    <p>True</p> Signup and view all the answers

    Opportunity cost is the cost of an opportunity that is currently being pursued.

    <p>False</p> Signup and view all the answers

    Land, labor, capital, and enterprise are the four factors of production.

    <p>True</p> Signup and view all the answers

    Scarcity is the result of limited resources and unlimited wants.

    <p>True</p> Signup and view all the answers

    Entrepreneurship is the factor of production that involves the risk-taking ability of an individual.

    <p>True</p> Signup and view all the answers

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