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- 1. Multiple ChoiceWhy does scarcity exist?Each year workers tend to produce less than previouslyMachines wear out in timeThere are not sufficient resources to meet everyone's wantsThere is a limit to people's wants
- 2. Multiple ChoiceWhy will scarcity continue to be a problem in the future?Prices will riseResources will always be finiteNeeds will decrease in the futureWorld population will fall
- 3. Multiple ChoiceWhat type of factor of production is a road?CapitalEnterpriseLabourLand
- 4. Multiple ChoiceWhat is meant by 'labour' in economics?Hard physical work used to produce manufactured goodsHuman mental and physical effort used for producing goods and servicesNatural resources used in the productive processRisk taking and organising the factors of production
- 5. Multiple ChoiceWhich factor of production is the least mobile?CapitalEnterpriseLabourLand
- 6. Multiple Choice
Which of the following is a free good?
A vaccination provided by the state without charge
Prizes of food items given away by a supermarket
Recycled paper
Wind coming from the sea
- 7. Multiple ChoiceWhat does a production possibility curve show?The prices of two types of products being producedThe quantity of capital and consumer goods that people would like to be producedThe maximum combination of two types of goods that can be produced with given resources.The relative profitability of capital and consumer goods
- 8. Multiple ChoiceWhat does a point outside the PPC represent?A currently unattainable positionAn inefficient positionThe maximum use of resourcesUnused resources
- 9. Multiple Choice
Which of these is not a decision which is made to solve the basic economic problem?
What to produce
How to produce
Why to produce
For whom to produce
- 10. Multiple Choice
What happens every time we make a decision?
We win!
We incur an opportunity cost
We incur an opportunity loss
We incur an opportunity cost of multiple other options
- 11. Multiple Choice
Define opportunity cost
the value forgone from the all other alternatives
the value forgone from the next two best alternatives
the value forgone from the next best alternative
the value gained from choosing
- 12. Multiple Choice
Which of the below is not scarce resource?
Oil
Sea water
Natural gas
Gold
- 13. Multiple ChoiceA market isa place where buyers and sellers come togethera place where people can buy goodsa place where buyers and sellers come together and agree a price for the exchange of goods and services.
- 14. Multiple ChoiceThe basic economic problem can never be eliminated.truefalse
- 15. Multiple ChoiceA need issomething we have to have in order to survivesomething we have to have to make our life better
- 16. Multiple ChoiceA want issomething we have to have in order to survivesomething we would like to have to make our life better
- 17. Multiple ChoiceWhich are not a factors of productionlandrentcapitalinterest
- 18. Multiple Choice
_______ is another word for Market Economy.CapitalismCommunism - 19. Multiple ChoiceWhich of the following would be an example of human capital?The amount of workers who work in a Nike factoryThe skills of the shoe designers at NikePhilip Knight, the CEO of NikeThe land that the Nike headquarters is located on in Beaverton Oregon
- 20. Multiple ChoiceThe difference between a good and a service is that:Goods are available in unlimited quantaties and services are notGoods are tangible and services are notServices are available in unlimited quantaties and goods are notgoods help satisfy unlimited wants and services do not
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