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- 1. Multiple Choice
Studying economics helps us to understand how humans make decisions with the resources they have.
True
False
- 2. Multiple Choice
The major problem in economics is, scarcity
True
False
- 3. Multiple Choice
Scarcity exists because the resources are less than people's wants.
True
False
- 4. Multiple Choice
Which of the following is a good?
a laptop
taking a taxi
being taught by your Science teacher
spending the weekend at a hotel.
- 5. Multiple Choice
Which would be considered a service?
a microwave
a sofa
a doctor's visit
a burger
- 6. Multiple Choice
choice is inevitable. This means that .....
One will have to make sacrifice because resources are inadequate
an individual has preferences.
- 7. Multiple Choice
The options that you. the government and the firms choose from are known as
opportunity cost
need
resources
choice
- 8. Multiple Choice
Kemoy would like to buy a pair of Nike sneakers and an iphone, but he can only buy the iphone. Why is kemoy unable to buy both items?
There is scarcity of money as a resource.
money is not a problem because he is rich.
- 9. Multiple Choice
Based on question 8, Kemoy's choice is..
Nike sneakers and money
Iphone and money
Nike sneakers and Iphone
- 10. Multiple Choice
If, Kemoy chooses to purchase the iphone instead of the Nike sneakers, which would be the opportunity cost?
money used as resources
Iphone and Nike Sneakers
Nike sneakers
Iphone
- Answer choicesTagsAnswer choicesTags