Principles of Economics THT 212 Chapter One Quiz
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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?

    <p>Vital processes</p> Signup and view all the answers

    What does the term 'economy' refer to?

    <p>A system that allows people to manage finite resources to satisfy their limitless demands</p> Signup and view all the answers

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

    <p>The need for an empirical method similar to the physical sciences</p> Signup and view all the answers

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

    <p>To describe how the economy functions and how economic agents interact</p> Signup and view all the answers

    Which resources are examples of restricted resources for a nation?

    <p>Natural resources, money, labor force, and technology</p> Signup and view all the answers

    What does the concept of scarcity describe?

    <p>The conflict between finite resources and limitless demands</p> Signup and view all the answers

    What does economics aim to understand?

    <p>The rationale behind our choices and how to best utilize our resources</p> Signup and view all the answers

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