The Fundamentals of Economics Quiz – 50 questions
Which of the following scenarios most accurately reflects the concept of scarcity?
Brett is a farmer
with an open field on which he can plant either soybeans or corn.
The opportunity cost of an action is always equal to: the next-best alternative for the resources
used to undertake the action.
Macroeconomics examines economies on a large scale, while microeconomics examines economic
activity on a relatively small scale.
Consider the circular flow model to answer the questions that follow.
b. In the circular flow model, firms receive
from households when households
purchase goods and services in the
The four factors of production (or types of resources) are:
Macroeconomics approaches the study of economics from the viewpoint of:
According to the circular flow model, product markets are where:
Which of the following is the best synonym for "marginal" in economics?