Economics Defined Quiz


Choose the correct anwer to each question by clicking on the radio button in front of that answer.

1. The science that deals with the production, allocation, and use of goods and services, it is important to study how resources can best be distributed to meet the needs of the greatest number of people is

Biology Psychology Economics

2. The study of entire systems of economics is.

Macroeconomics Microeconomics Finance

3.The study of how the systems affects one business or the study of parts of the economic system is

Macroeconomics Microeconomics Finance

4. The economic system of medieval times characterized by a strict class structure and serfs working the land in payment for protection from nobles is

Capitalism Socialism Feudalism Mercantilism

5. The economic system of the major trading nations during the 16th, 17th, and 18th cent., based on the idea that the power and wealth of nations was best served by trade and marked by increases in manufacturing and commerce is

Capitalism Socialism Feudalism Mercantilism

6. During this period of history In the mid eighteenth century, ushered in an era in which machines rather than tools were used in the factory system and more workers were in factories rather than farms.

American Revolution Communist Revolution Industrial Revolution

7. This means that economies work best without lots of rules and regulations from the government.

Laissez-faire Subsidies Interdependence



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