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Microeconomics Fundamentals Quiz
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Microeconomics Fundamentals Quiz

Created by
@AmpleValley

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?

    <p>Factors of production</p> Signup and view all the answers

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

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

    What is included in the factors of production in economics?

    <p>Land, labour, and capital</p> Signup and view all the answers

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

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

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

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

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

    <p>Machinery</p> 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?

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

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