Characteristics and Economics of Goods and Resources Quiz
Test your knowledge of microeconomics with this quiz on public goods, common resources, scarcity, opportunity cost, and more.
#1
What is the concept of scarcity in economics?
The unlimited wants exceed limited resources
The limited wants exceed unlimited resources
There are no unlimited wants
There are no limited resources
#2
What is the distinguishing feature of a private good?
Excludability
Non-rivalry in consumption
Non-excludability
Non-exhaustibility
#3
Which of the following is NOT a factor of production?
#4
In economics, what does the term 'rent' refer to?
Payment for the use of capital
Payment for the use of land
Payment for the use of labor
Payment for the use of resources
#5
Which of the following is a factor of production that represents the physical and mental effort of people?
Labor
Capital
Land
Entrepreneurship
#6
In economics, what does the term 'utility' refer to?
The ability of a good to satisfy human wants
The amount of money people are willing to pay for a good
The total amount of goods produced in an economy
The total amount of money in circulation
#7
Which of the following is a characteristic of a public good?
Rivalry in consumption
Excludability
Non-rivalry in consumption
High excludability
#8
Which of the following best describes a common resource?
Non-excludable and rival in consumption
Excludable and non-rival in consumption
Non-excludable and non-rival in consumption
Excludable and rival in consumption
#9
Which of the following is an example of a common resource?
A toll road
A public park
Clean air
A private beach club
#10
Which of the following is a characteristic of a club good?
Non-excludable and non-rival in consumption
Excludable and rival in consumption
Non-excludable and rival in consumption
Excludable and non-rival in consumption
#11
What is the opportunity cost of a decision?
The total cost of the decision
The cost of the next best alternative foregone
The cost of the decision compared to other alternatives
The average cost of all alternatives
#12
Which of the following best describes a free rider problem?
When someone consumes a good without paying for it
When someone produces a good without selling it
When someone sells a good at a price below the cost of production
When someone pays more for a good than its market value
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