Chapter one
| Question | Answer |
|---|---|
| Which of the following is NOT a basic economic question?The three basic questions are: | WHEN to produceWHAT to produce; HOW to produce; and TO WHOM to produce. |
| What is the fundamental problem of economics? | Scarcity |
What is one of the basic economic questions?
The four basic economic questions are (1) what goods and services and how much of each to produce, (2) how to produce, (3) for whom to produce, and (4) who owns and controls the factors of production. In a capitalist economy, the first question is answered by consumers as they spend their money.
Which is the best quiz for basic economics?
These economics quiz are from fundamentals of economics, basic economic theories, micro economics and macro economics. Also, link to Economics MCQs (PDF) is given after the fifth question. These are the most important and the most repeated economics questions with answers for test preparation.
What are the multiple choice questions in economics?
Economics multiple choice questions (MCQs) Page-1. These MCQs are from fundamentals of Economics. Find answers to the questions at the bottom of the page. 1. The fundamental concept of Economics about resources is that the resources are 2. Consider a world without scarcity of resources. Then what would be the consequences? 3.
Which is one of the basic problems of an economy?
This is one of the important basic problems of an economy because having made the three earlier decisions, the society has to see whether the resources it owns are being utilised fully or not. In case the resources of the economy are lying idle, it has to find out ways and means to utilise them fully.
Which is the fundamental concept of Economics about resources?
These MCQs are from fundamentals of Economics. Find answers to the questions at the bottom of the page. 1. The fundamental concept of Economics about resources is that the resources are 2. Consider a world without scarcity of resources. Then what would be the consequences? 3. Who is considered the founder of Microeconomics? 4.
