Economics of Tourism Quiz

What is the fundamental concept of economics?

• Maximizing profits

• Allocation of abundant resources

• Minimizing costs

• Measurement of scarce resources

What are the two branches of economics?

• Micro and Mini

• Macro and Micro

• Micro and Nano

• Macro and Mega

What is the scope of macroeconomics?

• Valuation of goods

• Large-scale economic systems

• Pricing strategies

• Individual decision-making

What is an industry in economics?

• A group of businesses producing different products

• A group of businesses using the same technology

• A group of businesses using different technologies

• A group of businesses producing the same product

What is a 'tourism commodity'?

• A commodity that is not related to tourism

• A commodity produced only by tourism businesses

• A commodity purchased only by tourists

• A commodity that earns a significant portion of revenue from tourists

What are Tourism Satellite Accounts used for?

• Measuring the popularity of tourist destinations

• Measuring the number of tourists in a country

• Measuring tourism's contribution to an economy

• Measuring the impact of tourism on the environment

What does the term 'employment impact' refer to in tourism?

• The impact of tourism on employee salaries

• The impact of tourism on employee benefits

• The impact of tourism on employment opportunities

• The impact of tourism on employee working hours

What is 'consumer surplus' in microeconomics?

• The value consumers receive from luxury goods

• The value consumers receive from free goods

• The extra value consumers receive from paying more than they are willing to

• The extra value consumers receive from paying less than they are willing to

What are 'public goods' in economics?

• Goods provided by private companies

• Goods provided by the government

• Goods available only to tourists

• Goods available only to locals

What is 'economic rent' in microeconomics?

• The rent paid for economic resources

• The extra income earned from investing in the stock market

• The extra income earned from owning a business

• The rent paid for non-economic resources