Introduction to Economics

Who is the Father of Economics ?

• Adam Smith

• Marshall

• J.M.Keynes

• Robinson

Jenny has hundreds of stuffed animals to sell. The stuffed animals are considered the _________.

• supply

• demand

• buyer

• seller

If there are only 100 televisions on sale and 200 people want to buy TV's, that is a problem of ____. 

• desire
• demand
• supply
• scarcity

Economics seeks the answer to the basic question of how to deal with ______. 

• money
• hunger
• demand
• scarcity

What is given up when a choice is made

• Scarcity

• choice

• opportunity cost

• resources

The combining of human, natural, capital, and entrepreneurship resources to make goods or provide services

• consumption

• production

• distribution

• resources

Construction worker, doctor, nurse, and teacher

• capital resources

• entrepreneurship

• human resources

• natural resources

Which economy is a mixed economy?

• United States

• China

• India

• France

In a command economy, the means of production are owned by

• individuals
• families
• religious leaders
• the government

Economy may be classified as:

• Capitalist

• Socialist

• Mixed

• All of these