What is Economics
Understanding Economics Quiz
Test your knowledge of economics with this engaging quiz! Explore concepts that form the backbone of this essential social science, from scarcity and opportunity cost to the factors of production and human needs.
- Answer a series of questions on key economic principles.
- Ideal for students, educators, and anyone interested in the field of economics.
- Enhance your understanding of how economic theories apply in real-world scenarios.
Which of these is a social science
Studies of people and how they solve their own problems
Studies of people in society and how they interact with each other
Studies of people and how they evolve
None of the above
Economics is
A study of rationing systems
The study of the problem of using available factors of production as efficiently as possible so as to attain the maximum fulfillment of society's unlimited demand for goods and services
The science that studies human behavior as a relationship between ends and scarce resources which have alternative uses
All of the above
What should be produced, how should things be produce and who should things be produced for are the three basic economic problems
True
False
An economic good is defined as
Any good that is not limited in supply
Any good that has a price and is not being rationed
Any good that has a price and is being rationed
None of the above
The next best alternative foregone when an economic decision is made is known as
Economic good
Substitution
Decision making
Opportunity cost
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