Social p.5 Economics

Which of these factors of production are correct?

• How to produce

• What to produce

• For whom to produce

• All of the above

Who was the father of economics?

• Gregor mendel

• Adam smith

• Adam smiht

• none of the following

What is wrong about these sentences?

• Economics is how to use resources properly

• The father of economics is Ms. Adam smith

• What to produce is a basic problem of economics

• A buyer chooses

  what to buy.

Which of the following is a good product?

• low price decent quality

• extremely low price horrible quality

• high price fine quality

• high price low quality

Which action is not an economic activity?

• Production

• reallocation

• consumption

• none of the following

Which is the best goods in the following below?

• A free item

• An item with a 75% sale

• An item with a trademark

• An item that a celebrity uses

A..................consumer does not buy goods for resale or for use in manufacturing.

• seller

• shop owner

• Consumer

• Producer

What are production, consumption, exchange, and distribution called?

• Economic system

• Economic units

• Economic relationship

• Economic activities

You are a consumer if you buy a ______.

• house

• mall

• machinery

• factory

Which of the following is the most important factor in production?

• Capital

• Entrepreneur

• Land

• Labor