Introduction to Economics Quiz

Test your understanding of Introduction to Economics.

Topic: Introduction to Economics

Pass mark: 50% · 6 questions

1. Scarcity means? A. Resources are unlimited B. Resources are limited C. Wants are limited D. Money is free

2. Which is a capital resource? A. A machine B. Farmland C. A bus driver D. An idea

3. Economics primarily studies? A. Writing essays B. Using limited resources to satisfy wants C. Weather patterns D. Ancient history

4. Which of these is a NEED? A. Smartphone B. Shell covers C. Sneakers D. Video games

5. Opportunity cost is? A. The money spent B. The next best alternative given up C. Total cost of all options D. The chosen option

6. A farmer plants maize instead of rice. The opportunity cost is? A. The maize B. The rice that was not planted C. The farm D. The seeds