Q.1.
Why does scarcity exist?
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0%
Each year workers tend to produce less than previously
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0%
Machines wear out in time
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100%
There are not sufficient resources to meet everyone's wants
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0%
There is a limit to people's wants
Q.2.
Why will scarcity continue to be a problem in the future?
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100%
Prices will rise
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0%
Resources will always be finite
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0%
Needs will decrease in the future
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0%
World population will fall
Q.3.
What type of factor of production is a road?
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100%
Capital
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0%
Enterprise
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0%
Labour
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0%
Land
Q.4.
What is meant by 'labour' in economics?
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0%
Hard physical work used to produce manufactured goods
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100%
Human mental and physical effort used for producing goods and services
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0%
Natural resources used in the productive process
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0%
Risk taking and organising the factors of production
Q.5.
Which factor of production is the least mobile?
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0%
Capital
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0%
Enterprise
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0%
Labour
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100%
Land
Q.6.
Which of the following is a free good?
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0%
A vaccination provided by the state without charge
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0%
Prizes of food items given away by a supermarket
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0%
Recycled paper
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0%
Wind coming from the sea
Q.7.
What does a production possibility curve show?
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0%
The prices of two types of products being produced
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0%
The quantity of capital and consumer goods that people would like to be produced
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0%
The maximum combination of two types of goods that can be produced with given resources.
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0%
The relative profitability of capital and consumer goods
Q.8.
What does a point outside the PPC represent?
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0%
A currently unattainable position
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0%
An inefficient position
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0%
The maximum use of resources
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0%
Unused resources
Q.9.
Which of these is not a decision which is made to solve the basic economic problem?
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0%
What to produce
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0%
How to produce
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0%
Why to produce
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0%
For whom to produce
Q.10.
What happens every time we make a decision?
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0%
We win!
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0%
We incur an opportunity cost
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0%
We incur an opportunity loss
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0%
We incur an opportunity cost of multiple other options
Q.11.
Define opportunity cost
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0%
the value forgone from the all other alternatives
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0%
the value forgone from the next two best alternatives
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0%
the value forgone from the next best alternative
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0%
the value gained from choosing
Q.12.
Which of the below is not scarce resource?
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0%
Oil
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0%
Sea water
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0%
Natural gas
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0%
Gold
Q.13.
A market is
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0%
a place where buyers and sellers come together
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0%
a place where people can buy goods
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0%
a place where buyers and sellers come together and agree a price for the exchange of goods and services.
Q.14.
The basic economic problem can never be eliminated.
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0%
true
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0%
false
Q.15.
A need is
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0%
something we have to have in order to survive
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0%
something we have to have to make our life better
Q.16.
A want is
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0%
something we have to have in order to survive
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0%
something we would like to have to make our life better
Q.17.
_______ is another word for Market Economy.
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0%
Capitalism
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0%
Communism
Q.18.
Which of the following would be an example of human capital?
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0%
The amount of workers who work in a Nike factory
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0%
The skills of the shoe designers at Nike
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0%
Philip Knight, the CEO of Nike
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0%
The land that the Nike headquarters is located on in Beaverton Oregon
Q.19.
The difference between a good and a service is that:
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0%
Goods are available in unlimited quantaties and services are not
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0%
Goods are tangible and services are not
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0%
Services are available in unlimited quantaties and goods are not
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0%
goods help satisfy unlimited wants and services do not