Basic Economics Concepts

Difficulty: medium. 10 questions.

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Total Questions
10
Published
September 1, 2026
Source Type
topic
Tags(6)
Topic
beginner
topic
basic
economics
concepts
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  1. 1

    What is the fundamental economic problem that arises because society has limited resources but unlimited wants?

    • ARecession
    • BInflation
    • CScarcity
    • DDeflation
  2. 2

    Which of the following best describes opportunity cost?

    • AThe price of a good in a competitive market.
    • BThe cost of the next best alternative forgone when a choice is made.
    • CThe total monetary cost of producing a good.
    • DThe profit earned by a business.
  3. 3

    In a market economy, what primarily determines the allocation of resources?

    • AThe forces of supply and demand
    • BGovernment planning
    • CTradition and custom
    • DCentralized decision-making by a committee
  4. 4

    What does the law of demand state?

    • AAs the price of a good increases, the quantity demanded decreases, ceteris paribus.
    • BAs the price of a good increases, the quantity supplied increases, ceteris paribus.
    • CAs income increases, the demand for normal goods decreases.
    • DAs the price of a good decreases, the quantity demanded increases, ceteris paribus.
  5. 5

    Which of the following are factors of production?

    • ALand, Labor, Capital, Entrepreneurship
    • BConsumer goods, Producer goods, Services
    • CProfit, Loss, Revenue, Cost
    • DDemand, Supply, Price, Quantity