Economics Quiz #1

An item is considered to be scarce if it is

• limited

• expensive

• accessible

• cheap

Economics is considered a ............ science? Choose the answer to fill in the blanks.

• interesting

• astronomical

• people

• social

Which of the following is the the branch of economics that deals with the economy as a whole?

• Macroeconomics

• Microeconomics

• Consumption Economics

• Financial Economics

Microeconomics is the study of how ....... household and firms makes decisions and interact with the markets. Select the missing word.

• groups

• macroeconomics

• individual

• large

Economics is the study of how man allocates scarce resources to produce goods and services to satisfy consumers........wants and needs.

• unlimited

• rare

• limited

• desired

Economics is the study of how man allocated scarce resources, which have alternative uses to produce goods and services. This is the ........ definition of economics. Select the missing word.

• Social Science

• Popular

• Modern

• Historical

Which study of economics deals with issues such as the price rises across the country?

• Modern

• Macroeconomics

• Historical

• Microeconomics

An economy is a system?

• True

• False

The 3 major economics agents are?

• households, governments , groups

• households, governments, firms

• individuals, society, groups

• individuals, governments, society

The government is the private sector

• True

• False