Economics Test Quiz with Correct
Answers Latest EDITION 2024/2025
1. Computers used to produce magazine articles - ANS ✔capital
2. The South's rainy season - ANS ✔land
3. A third-grade teacher - ANS ✔labor
4. The manager of a car repair shop - ANS ✔labor
5. Developer of a new smartphone app - ANS ✔entrepreneurs
6. Which of the factors of production involves taking risks and combining
resources to produce a good or service? - ANS ✔capital
7. Opportunity cost refers to - ANS ✔the value of the next best alternative
, 8. When deciding how to use resources, you need to evaluate the costs and
benefits of each choice to decide which meets your criteria. These are
called - ANS ✔trade-offs
9. Consumers are powerful because - ANS ✔they drive decisions about what
to produce
10.Consumers are expected to read the full information about a product
before making a purchase. This is an example of a consumer's - ANS
✔responsibilities
11.Which of the following would result in a change in the production
possibilities frontier in the mythical country Alpha? - ANS ✔an influx of
immigrants from other countries, the discovery of an abundant natural
resource, and a long drought
12.In the mythical country Alpha, an entrepreneur has introduced a new
technology that makes manufacturing twice as efficient as before. How is
this likely to affect the production possibilities frontier? - ANS ✔It would
expand the frontier
Answers Latest EDITION 2024/2025
1. Computers used to produce magazine articles - ANS ✔capital
2. The South's rainy season - ANS ✔land
3. A third-grade teacher - ANS ✔labor
4. The manager of a car repair shop - ANS ✔labor
5. Developer of a new smartphone app - ANS ✔entrepreneurs
6. Which of the factors of production involves taking risks and combining
resources to produce a good or service? - ANS ✔capital
7. Opportunity cost refers to - ANS ✔the value of the next best alternative
, 8. When deciding how to use resources, you need to evaluate the costs and
benefits of each choice to decide which meets your criteria. These are
called - ANS ✔trade-offs
9. Consumers are powerful because - ANS ✔they drive decisions about what
to produce
10.Consumers are expected to read the full information about a product
before making a purchase. This is an example of a consumer's - ANS
✔responsibilities
11.Which of the following would result in a change in the production
possibilities frontier in the mythical country Alpha? - ANS ✔an influx of
immigrants from other countries, the discovery of an abundant natural
resource, and a long drought
12.In the mythical country Alpha, an entrepreneur has introduced a new
technology that makes manufacturing twice as efficient as before. How is
this likely to affect the production possibilities frontier? - ANS ✔It would
expand the frontier
