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- 1. Multiple Choice
What is the basic economic problem?
the value forgone from the next best alternative
the fact that the world has finite resources but humans have infinite wants
too many resources
the fact that the world has infinite resources but humans have finite wants
- 2. 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
- 3. 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
- 4. 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
- 5. Multiple Choice
Which of the below is not scarce resource?
Oil
Sea water
Natural gas
Gold
- 6. Multiple Choice
Which of the below would the government include in their budget?
Healthcare spending
Police spending
Education spending
Public transport spending
- 7. Multiple Choice
Define scarcity
The infinite availability of resources
The cost of making a decision
Oil
The limited availability of resources
- 8. Multiple Choice
Which of the below is included in our definition of economics?
the distribution of resources
the choosing of resources
the production of resources
the consumption of resources
- 9. Multiple Choice
Which point(s) are unobtainable?
B
A
D
C
- 10. Multiple Choice
Which point(s) are there unemployed resources ?
B
A
D
C
- 11. Multiple Choice
Which point(s) are resources being fully employed (or utilised) ?
B
E
D
C
- 12. Multiple Choice
Which shift of the Production Possibilities curve (PPC) represents improved efficiency in an economy?
shift of BA Curve to SR
shift of BA curve to QP curve
no shift
none of the above
- 13. Multiple Choice
Which shift of the Production Possibilities curve (PPC) represents reduced efficiency or productive capacity in an economy?
shift of BA Curve to SR
shift of BA curve to QP curve
no shift
none of the above
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