test on introduction to economics

what is the basic economic problem that all the societies faces?

• scarcity

• inflation

• unemployment

• surplus

Economics is primarily concerned with?

• the study of individual financial choices

• the efficient allocation of scarce resources

• the production and sale of goods and service

• the distribution of money in society

microeconomics is branch of economics that deals with?

• the behavior of individual consumers and firms

• national income and overall economic growth

• global trade and international policies

• government taxation and fiscal policy

Which one is not factor of production?

• Land – Natural resources

• money – Human effort and skills

• Capital – Machinery, tools, and buildings

• Entrepreneurship – The ability to combine these resources to produce goods and services

opportunity cost refers to?

• financial cost of an economic choice

• the benefit that is given up when choosing one alternative over another

• the difference between gross profit and net profit

• the cost of producing an additional unit of output

A free market economy is one in which?

• prices are set by government

• there is no private property

• prices are determined by supply and demand

• production is controlled by central planners

---

---

---

---

---

---

.........economist is most closely associated with the term " invisible hand"

Which of these would cause a movement along the demand curve?

• A change in consumer income

• A change in the price of the good

• A change in consumer preferences

• A change in market size

How can economic principles be used to make better business decisions in uncertain environments?

What are some examples of opportunity costs in everyday business operations, and how can these be minimized?