Intro to Economics

Intro to Economics

University

12 Qs

quiz-placeholder

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Intro to Economics

Intro to Economics

Assessment

Quiz

Education

University

Medium

Created by

Emily Blott

Used 5+ times

FREE Resource

12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Economics is the study of ...

(choose best answer)

People allocating limited resources to satisfy unlimited wants

People controlling money

Government deciding what to produce

Consumers deciding what to buy

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The limited nature of resources is known as ...

Allocation

Scarcity

Government assets

Basic economic questions

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Microeconomics involves...

Only households selling goods

The broader economy

Individuals, households and businesses

Inflation, growth, employment, interest

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Macroeconomics involves...

Business and households

Individual units

Policies of RBA

The broader economy - growth, inflation, unemployment

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

All choices entail an opportunity cost. True or False?

True

False

6.

MULTIPLE SELECT QUESTION

45 sec • 5 pts

What does the hockey stick show?

(best answer)

The fourth industrial revolution

The increase in hockey players in 1800s

A sudden, rapid growth after a long period of linear growth due to capitalism

Economic downturn

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The money households spend to purchase goods and services is...

Input

Expenditures

Income

Output

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