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Microeconomics Fundamentals Quiz

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Questions and Answers

What are the three main resources in economics?

Supply, demand, and equilibrium

Money, time, and energy

Land, labour, and capital (correct)

Goods, services, and production

What is the difference between goods and services?

Goods are related to production, services are related to consumption

Goods are intangible, services are tangible

Goods are tangible, services are intangible (correct)

Goods are unlimited, services are limited

What is the act of making goods and services called?

Consumption

Production (correct)

Exchange

Distribution

What do economists call resources like land, labour, and capital?

Factors of production (B) Signup and view all the answers

What is the study of the use of scarce resources to satisfy unlimited human wants known as?

Economics (C) Signup and view all the answers

What is included in the factors of production in economics?

Land, labour, and capital (B) Signup and view all the answers

Which of the following is an example of land as a resource in economics?

Forests (D) Signup and view all the answers

What is the act of using goods and services called in economics?

Consumption (A) Signup and view all the answers

Which of the following is an example of capital as a resource in economics?

Machinery (A) Signup and view all the answers

What is the study of the use of scarce resources to satisfy unlimited human wants known as in economics?

Economics (C) Signup and view all the answers

Microeconomics Fundamentals Quiz

Choose a study mode

Podcast

Questions and Answers

What are the three main resources in economics?

What is the difference between goods and services?

What is the act of making goods and services called?

What do economists call resources like land, labour, and capital?

What is the study of the use of scarce resources to satisfy unlimited human wants known as?

What is included in the factors of production in economics?

Which of the following is an example of land as a resource in economics?

What is the act of using goods and services called in economics?

Which of the following is an example of capital as a resource in economics?

What is the study of the use of scarce resources to satisfy unlimited human wants known as in economics?

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