Fundamentals of Economics Quiz
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Questions and Answers

Which of the following best defines an economy?

  • A social domain of interrelated human practices and transactions
  • A system of production and distribution of goods and services (correct)
  • A set of processes that involve culture, education, and natural resources
  • A social domain that emphasizes the use of scarce resources
  • What are the main factors that set the conditions for an economy to function?

  • Culture, values, and education
  • Technological evolution, history, and social organization
  • Political structure, legal systems, and natural resources
  • All of the above (correct)
  • Who can be economic agents in an economy?

  • Only businesses and organizations
  • Only individuals
  • Only governments
  • Individuals, businesses, organizations, and governments (correct)
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