C718 Module Quizzes:
Module 1: Economic Way of
Thinking Quiz
Question 1 of 7Points: 10
Skill:
The graduate identifies economic concepts in order to explain the economic way of thinking.
The economic concept of scarcity includes which of the following?
Surplus
Deflation
Limited resources
Excess demand
Feedback
Incorrect. Surplus involves excess assets, which is not part of scarcity.
Surplus
Deflation
Limited resources
Excess demand
Feedback
,Incorrect. Deflation is a decrease in the price level of goods and services,
which is not an aspect of scarcity.
Surplus
Deflation
Limited resources
Excess demand
Feedback
Correct! Scarcity involves resource allocation when there is a gap between
the availability of limited resources and what is desired.
Surplus
Deflation
Limited resources
Excess demand
Feedback
Incorrect. Excess demand is when the supply of a good or service at a given
price cannot keep up with the demand for that good or service at that price.
Scarcity involves natural limitations.
Question 2 of 7Points: 10
Skill:
The graduate identifies economic concepts in order to explain the economic way of thinking.
"multiple choice" question: select the correct answer.
Which characteristic describes a market economy?
Hereditary customary roles
,Incentive-based decisions
Government-created mandate
Past family traditions
Feedback
Incorrect. Hereditary customary roles are not typically a characteristic of a
market economy driven by buyers and sellers.
Hereditary customary roles
Incentive-based decisions
Government-created mandate
Past family traditions
Feedback
Correct! In a market economy most decisions are made by buyers and sellers
with signals by supply and demand.
Hereditary customary roles
Incentive-based decisions
Government-created mandate
Past family traditions
Feedback
Incorrect. In a market economy decisions are mainly made by buyers and
sellers with limited government involvement.
, Hereditary customary roles
Incentive-based decisions
Government-created mandate
Past family traditions
Feedback
Incorrect. Past traditions would be more characteristic of a traditional
economy.
Question 3 of 7Points: 10
Skill:
The graduate identifies economic concepts in order to explain the economic way of thinking.
"multiple choice" question: select the correct answer.
What is an example of factors of production?
Money
Land
Goods and services
Shortages
Feedback
Incorrect. Capital is more durable than simply money; money is not one of the
four factors of production.
Money
Land
Module 1: Economic Way of
Thinking Quiz
Question 1 of 7Points: 10
Skill:
The graduate identifies economic concepts in order to explain the economic way of thinking.
The economic concept of scarcity includes which of the following?
Surplus
Deflation
Limited resources
Excess demand
Feedback
Incorrect. Surplus involves excess assets, which is not part of scarcity.
Surplus
Deflation
Limited resources
Excess demand
Feedback
,Incorrect. Deflation is a decrease in the price level of goods and services,
which is not an aspect of scarcity.
Surplus
Deflation
Limited resources
Excess demand
Feedback
Correct! Scarcity involves resource allocation when there is a gap between
the availability of limited resources and what is desired.
Surplus
Deflation
Limited resources
Excess demand
Feedback
Incorrect. Excess demand is when the supply of a good or service at a given
price cannot keep up with the demand for that good or service at that price.
Scarcity involves natural limitations.
Question 2 of 7Points: 10
Skill:
The graduate identifies economic concepts in order to explain the economic way of thinking.
"multiple choice" question: select the correct answer.
Which characteristic describes a market economy?
Hereditary customary roles
,Incentive-based decisions
Government-created mandate
Past family traditions
Feedback
Incorrect. Hereditary customary roles are not typically a characteristic of a
market economy driven by buyers and sellers.
Hereditary customary roles
Incentive-based decisions
Government-created mandate
Past family traditions
Feedback
Correct! In a market economy most decisions are made by buyers and sellers
with signals by supply and demand.
Hereditary customary roles
Incentive-based decisions
Government-created mandate
Past family traditions
Feedback
Incorrect. In a market economy decisions are mainly made by buyers and
sellers with limited government involvement.
, Hereditary customary roles
Incentive-based decisions
Government-created mandate
Past family traditions
Feedback
Incorrect. Past traditions would be more characteristic of a traditional
economy.
Question 3 of 7Points: 10
Skill:
The graduate identifies economic concepts in order to explain the economic way of thinking.
"multiple choice" question: select the correct answer.
What is an example of factors of production?
Money
Land
Goods and services
Shortages
Feedback
Incorrect. Capital is more durable than simply money; money is not one of the
four factors of production.
Money
Land
