10 Questions
Which of the following is NOT a feature of an economy?
Levels of economic activities remain constant.
What is the origin of the term 'economics'?
It derives from a variety of words meaning 'administration' in Ancient Greek
What is the main medium of exchange in modern complex economies?
Money
In economics, what are production, consumption, and investment considered as?
Vital processes
What does the term 'economy' refer to?
A system that allows people to manage finite resources to satisfy their limitless demands
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
What is the primary purpose of economics according to the text?
To describe how the economy functions and how economic agents interact
Which resources are examples of restricted resources for a nation?
Natural resources, money, labor force, and technology
What does the concept of scarcity describe?
The conflict between finite resources and limitless demands
What does economics aim to understand?
The rationale behind our choices and how to best utilize our resources
Test your knowledge of the basic concepts, historical development, and economic impacts of the tourism industry as outlined in Chapter One of Principles of Economics THT 212. This quiz covers topics such as economic systems, supply & demand, national income measurement, and the international monetary system.
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