Practice test

Introduction to Economics Practice Test

Practice test on core ideas from INTRODUCTION TO ECONOMICS, matching the same topic as the flashcards.

12 questions · pass mark 50%

Try the first five — pick an answer to see if you got it right.

1 Which definition best matches economics in the study material?

The study of unlimited resources and fixed wants
A social science that studies how scarce resources with alternative uses are allocated among competing wants
The study of government budgets only
A science concerned only with money and banking

Explanation: The material defines economics as a social science concerned with allocating scarce resources that have alternative uses among competing and virtually unlimited wants.

2 Which of the following are listed as basic economic concepts in the material?

Economic resources
Human wants
Scarcity and choice
Opportunity cost
Exchange rates

Explanation: The material lists economic resources, human wants, scarcity and choice, and opportunity cost as basic economic concepts.

3 Microeconomics is mainly concerned with large-scale general economic factors such as inflation and unemployment.

True
False

Explanation: That description belongs to macroeconomics. Microeconomics focuses on individual households, firms, and related decisions.

4 Which of the following is categorized as a human resource in the material?

Land
Capital
Labour
Enterprise

Explanation: The material classifies labour as a human resource, capital as manmade, and land as natural.

5 For something to be referred to as an economic resource, it must be scarce and have money value.

True
False

Explanation: The material explicitly states that an economic resource must be scarce and have money value.

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