Economics Practice Quiz 121

Q1.Which type of analysis describes "what is" rather than "what ought to be"?

A. Positive analysis B. Normative analysis C. Microeconomics D. Macroeconomics

Q2.What is the term used for physical, tangible objects used to satisfy people's wants and needs?

A. Services B. Resources C. Goods D. Produce

Q3.In the context of the text, which of the following is an example of a service?

A. Food items B. Clothes C. Tasks performed by doctors D. Farming implements

Q4.What does the term 'individual' refer to?

A. A single person only B. An individual decision making unit C. Any human being D. A household only

Q5.Which of the following is defined as goods and services used to produce other goods and services?

A. Resources B. Produce C. Consumption goods D. Capital

Q6.In the simple economy described, how does the family farm obtain goods other than corn?

A. By purchasing them with money earned from selling corn B. By exchanging part of the corn produce for other goods C. By growing all needed goods on the farm D. By receiving them from the government

Q7.What limits the amount of corn a family farm can produce?

A. The demand for corn B. The amount of resources it has C. The number of family members D. The weather conditions

Q8.In the simple economy, how does a teacher obtain goods and services she wants?

A. By bartering teaching services directly for goods B. By earning money from teaching and using it to buy goods C. By receiving goods from students D. By producing goods herself

Q9.Which of the following is NOT listed as a resource in the text?

A. Land B. Labour C. Money D. Tools and machinery

Q10.What does a weaver use to produce cloth?

A. Only yarn B. Yarn, cotton, and instruments C. Only cotton D. Labour and land

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Economics Practice Quiz 121