10 Questions
What is the main gain from land as an economic resource?
Rent
What is the main gain from labor as an economic resource?
Wage
What is the main gain from capital as an economic resource?
Interest rate
What is the economic problem?
Scarcity of economic resources and multiplicity of human wants
What does the Production Possibilities Curve (PPC) show?
All combinations of products that can be produced if all of society's resources are used efficiently
What is the main concern of economics?
Deciding what goods and services to produce in an economy
Which branch of economics studies the behavior of national economy?
Macroeconomics
What is the focus of positive economics?
Studying what actually happens in the economy
What does normative economics concern with?
What ought to be or about what a person, organization, or nation ought to do
What are the types of economic resources?
Land, labor, capital, and entrepreneurship
This quiz covers the definition of economics and its main concerns, including the allocation of goods and services, methods of production, and distribution of resources to consumers. Test your understanding of the fundamental concepts of economics.
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