Chapter1 Economics Practice Test? Quiz!

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  • 1/8 Questions

    Consumers use goods and servicesto satisfy their

    • Wants and needs
    • Opportunity cost
    • Hunger and thurst
    • None of the above
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About This Quiz

You might have absolutely no idea what the social science of economics even covers, never mind how it is studied, analyzed and put into practice. That’s completely fine, however, as your presence here shows us that you have a desire to learn a little about the subject! Let’s start from the beginning, shall we? Take the following quiz on the first chapter of economic study to see if you know anything right off the bat.

Chapter1 Economics Practice Test? Quiz! - Quiz

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  • 2. 

    What is  the economic problem

    • Wants

    • Goods

    • Scarcity

    • Labor

    Correct Answer
    A. Scarcity
    Explanation
    Scarcity refers to the fundamental economic problem of limited resources in relation to unlimited wants. It means that there are not enough resources available to satisfy all the wants and needs of individuals and society as a whole. This scarcity forces individuals and societies to make choices about how to allocate resources efficiently and effectively.

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  • 3. 

    What are the four factors of production?

    • Wants,needs,value and utility

    • Land,capital,labor and entrepreneurs

    • Consumers,goods,sevices and market

    • Land,seller,buyers and enterprise

    Correct Answer
    A. Land,capital,labor and entrepreneurs
    Explanation
    The four factors of production are land, capital, labor, and entrepreneurs. Land refers to all natural resources used in the production process. Capital includes all man-made resources such as machinery, equipment, and buildings. Labor refers to the physical and mental effort put into production by workers. Entrepreneurs are individuals who take risks and combine the other factors of production to create goods and services. These factors are essential in the production of goods and services in an economy.

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  • 4. 

    What does TINSTAAFL stand for?

    • There Is No Such Thing As A Free Lunch

    • That Is Not So True All Allies Fall Long

    • This Is Not So Tall All Aliens Freely Launch

    • There Is No Such Thing As A Free Lobster

    Correct Answer
    A. There Is No Such Thing As A Free Lunch
    Explanation
    TINSTAAFL stands for "There Is No Such Thing As A Free Lunch." This phrase is often used to convey the idea that everything has a cost or consequence, even if it may not be immediately apparent. It suggests that even if something appears to be free, there is always some form of payment or trade-off involved.

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  • 5. 

    A tree for a hard-wood floor company would be

    • Labor

    • Land

    • Capital

    • Productivity

    Correct Answer
    A. Land
    Explanation
    In the context of a hard-wood floor company, the term "land" refers to the natural resources required for the production of hardwood floors, such as forests or woodlands. These resources are essential for obtaining the raw materials needed to manufacture the flooring products. Labor, capital, and productivity are also important factors in the company's operations, but land specifically relates to the availability and utilization of natural resources.

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  • 6. 

    An irrigational system would be what for a frozen food company

    • Land

    • Labor

    • Capital

    • Value

    Correct Answer
    A. Capital
    Explanation
    An irrigational system would be considered as capital for a frozen food company because it is a long-term investment that helps in the production and preservation of crops. It is a physical asset that enables the company to efficiently water and maintain their agricultural land, ensuring a consistent and high-quality supply of raw materials for their frozen food products.

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  • 7. 

    A chainsaw for a lumber company would be what

    • Capital

    • Goods

    • Utility

    • Wants

    Correct Answer
    A. Capital
    Explanation
    A chainsaw for a lumber company would be considered a capital good. Capital goods are physical assets that are used to produce goods or services. In this case, the chainsaw is a tool that the lumber company would use in their production process to cut down trees and prepare them for further processing. It is not a utility, which refers to the satisfaction or usefulness derived from consuming goods or services. It is also not a want, which is a desire or preference for something.

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  • 8. 

    The scope of economics deals with every thing except

    • Description

    • Analysis

    • Entrepreneur

    • Prediction

    Correct Answer
    A. Entrepreneur
    Explanation
    The scope of economics deals with various aspects such as description, analysis, and prediction. However, it does not directly focus on the role of entrepreneurs. While entrepreneurs play a vital role in the economy by creating and managing businesses, economics primarily examines the larger economic systems, markets, and behaviors of individuals, firms, and governments. Therefore, the correct answer is "entrepreneur."

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  • Current Version
  • Mar 22, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Feb 14, 2012
    Quiz Created by
    Malik_J
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