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Introducing new Paper mode
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14 questions
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- Multiple ChoicePlease save your changes before editing any questions.
Which of the following are needs
Dogs
Water
Shelter
Frappucinos
- Multiple ChoicePlease save your changes before editing any questions.
Complete the sentence: Scarcity mean Supply is
Less than Demand
Greater than Demand
Equal to Demand
A warm fuzzy feeling in my tummy
- Multiple ChoicePlease save your changes before editing any questions.
Complete the rule: The scarcer an item is…
The colder the weather
The more Supply there is
The less its value
The greater its value
- Multiple ChoicePlease save your changes before editing any questions.
Opportunity cost is
Everything you’ve ever missed out on in life
The next best alternative you missed out on
The worst decision you’ve ever made
How much money it takes to repress a memory
- Multiple ChoicePlease save your changes before editing any questions.
The dot at X is best described as:
Efficient
Inefficient
Unfeasible/Impossible
- Multiple ChoicePlease save your changes before editing any questions.
The dot at Y is best described as:
Efficient
Inefficient
Unfeasible/Impossible
- Multiple ChoicePlease save your changes before editing any questions.
The dots at A, B, and C are best described as:
Efficient
Inefficient
Unfeasible/Impossible
- Fill in the BlankPlease save your changes before editing any questions.
Efficient means making the best use of my _____________ resources
- Multiple ChoicePlease save your changes before editing any questions.
Calculate the opportunity cost of moving from point A to point C on this table
25 Flower
20 Flowers
3 Pots
1 Pot
- Multiple ChoicePlease save your changes before editing any questions.
Define economics
A social science which studies how humans attempt to satisfy their infinite needs and wants using scarce resources
A biological study of the uninhibited behaviours of humans in satiated states
- Multiple ChoicePlease save your changes before editing any questions.
Tick the 2 normative statements only
If inflation increases by 10% in Ireland trade with the UK will fall by 20%
Prices are too high for poor people in Ireland
The number of cars sold in 2022 will be greater than the number of cars sold in 2021
The government isn’t doing enough to combat homelessness in Ireland
- Multiple ChoicePlease save your changes before editing any questions.
In a centrally planned economic system the decision about how scarce resources are allocated is made by…
The Government
The Citizens
Mr. Garry
The tallest person
- Multiple ChoicePlease save your changes before editing any questions.
In a Free Enterprise economic system the decision about how scarce resources are allocated is made by…
The Government
The citizens
Mr. Garry
The shortest person
- Multiple ChoicePlease save your changes before editing any questions.
Select the 3 advantages of the Free Enterprise Economic System
Competition between firms decreases prices
Factors of production are rewarded with incomes
Consumers have a large choice of goods and services
Businesses may exploit consumer
There are few decisions to make