There are many definitions of Economics, but for modern economists, it is:
Test 1 Economics

Quiz
•
Science
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10th Grade
•
Medium
Kethjoy Watson
Used 25+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
an inquiry into the nature and causes of the wealth of nations
a social science
the study of how man allocates scarce resources, which have alternative uses, to achieve given goals
a practical science of the production and distribution of wealth
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Concerning the scope of economics, name the three main groups in the economy:
households, firms and governments
private sector, public sector and the informal sector
upper class, middle class and lower class
employees, employers and the unemployed
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The average or unit cost is defined as the:
cost of each unit of input
average of total costs
method used by companies to set prices
cost of producing a single unit of output
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
For Yummy to realize income from the sale of their snacks, it must produce these goods at:
the right customers
the right time
the right price
all of the above
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
This sign was seen on the door of your favorite store. It means that the staff is:
taking in new stock
checking existing stock to calculate its stock turnover rate
counting all missing or stolen goods
checking how much old merchandise they have in store
6.
MULTIPLE SELECT QUESTION
2 mins • 1 pt
The service you receive from your banker is usually customized to your individual needs. This characterization is called:
Buyer involvement
Demand fluctuation
labour intensive
Lack of Standardization
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
In theory, free goods have no opportunity cost. However, in Jamaica, there is one free good that has opportunity cost. Is it:
sunlight
air
healthcare
river water
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