Recent Lessons

Show all results for ""

Feature Overview

Ace your exams with our all-in-one platform for creating and sharing quizzes and tests.

Quizzes

Create quizzes and tests automatically from your content using AI.

Flashcards

Automatically turn your notes into digital flashcards.

Share, Export & Embed

Share with classmates or export to Excel and your learning management system.

Stats & Reporting

Auto-grading quizzes and tests with detailed stats and reports.

Mobile Apps

The smarter way to study – wherever you are.

Pricing Schools Business

Features Pricing Schools Business

Principles of Economics THT 212 Chapter One Quiz

10 Questions

0 Views

Principles of Economics THT 212 Chapter One Quiz

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Which of the following is NOT a feature of an economy?

Economic institutions can be created, destroyed, replaced or changed.

Producers and consumers have a dual role.

Levels of economic activities remain constant. (correct)

Now-a-days the government intervention in the economy is considered undesirable

What is the origin of the term 'economics'?

It originates from the Old English word for 'household'

It derives from a variety of words meaning 'administration' in Ancient Greek (correct)

It is derived from the Arabic word 'iktisad'

It comes from the Latin word for 'management'

What is the main medium of exchange in modern complex economies?

Money (correct)

Cryptocurrency

Gold and silver coins

Barter system

In economics, what are production, consumption, and investment considered as?

Vital processes (D) Signup and view all the answers

What does the term 'economy' refer to?

A system that allows people to manage finite resources to satisfy their limitless demands (C) Signup and view all the answers

What was a major impetus for the creation of contemporary economics in the late 19th century?

The need for an empirical method similar to the physical sciences (D) Signup and view all the answers

What is the primary purpose of economics according to the text?

To describe how the economy functions and how economic agents interact (D) Signup and view all the answers

Which resources are examples of restricted resources for a nation?

Natural resources, money, labor force, and technology (A) Signup and view all the answers

What does the concept of scarcity describe?

The conflict between finite resources and limitless demands (C) Signup and view all the answers

What does economics aim to understand?

The rationale behind our choices and how to best utilize our resources (B) Signup and view all the answers

Principles of Economics THT 212 Chapter One Quiz

Choose a study mode

Podcast

Questions and Answers

Which of the following is NOT a feature of an economy?

What is the origin of the term 'economics'?

What is the main medium of exchange in modern complex economies?

In economics, what are production, consumption, and investment considered as?

What does the term 'economy' refer to?

What was a major impetus for the creation of contemporary economics in the late 19th century?

What is the primary purpose of economics according to the text?

Which resources are examples of restricted resources for a nation?

What does the concept of scarcity describe?

What does economics aim to understand?

More Like This

Principles of Economics Quiz

Principles of Economics Quiz: Test Your Knowledge with Flashcards

Principles of Economics Quiz

Principles of Economics Quiz