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- 1. Multiple Choice
Economic problems arise because
People have different tastes and preferences
Land is limited
Internet connectivity is insufficient
Health care is inefficient
- 2. Multiple Choice
Point A is known as ......
More production of coconut oil
Limited production of roads
Inefficient use of resources for the production of coconut oil and roads
The choice of production between coconut oil and roads
- 3. Multiple Choice
Joe has a limited monthly income of $10,000. He has to make tough choices on his monthly expenditure. If he spends $5,000 on a rental, then that is $5,000 he cannot spend on entertainment.
Which expenditure is the opportunity cost?
$5,000 he manages to save every month
$5,000 he spends on rental
$5,000 he cannot spend on entertainment
$10,000 he receives for his monthly income
- 4. Multiple Choice
For whom to produce means .....
Produce for those who are rich
Produce for those who are poor
Produce for those who needs the product
Do not produce for those who does not need the product
- 5. Multiple Choice
Which economic problem does this headline refers to?
What to produce?
How to produce?
For whom is the goods?
How efficient are the resources?
Is the economy growing?
- 6. Poll
I LOVE ECONOMICS because ...
Economics is FUN
I have no choice, Economics is the only course I can take
Economics solve REAL LIFE problems
Better Economics than Politics
I do not know
- 7. Multiple Choice
Assume an economy that produces meat and apple.
Research and development breakthrough breeds cows best for milk and meat.
What happen to the economic productions of meat and apple?
Apple production increases because more cows means more apples.
PPC shifts outward because production of milk and apple increases.
PPC shifts outward because production of meat increases.
Meat production increases because milk production increases.
- 8. Multiple Choice
Below are the concept in economic problems EXCEPT:
Choices
Externalities
Opportunity Cost
Scarcity
- 9. Multiple ChoiceThe basic economic problem can never be eliminated.truefalse
- 10. 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
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