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- 1. Multiple Choice
Economic wants are limited at any point in time
True
False
- 2. Multiple Choice
All people are consumers
True
False
- 3. Multiple Choice
Enterprise is another name for labour
True
False
- 4. Multiple Choice
The main economic decisions to be made by an economy could be listed as: 'What and how many', 'how', and 'for whom'
True
False
- 5. Multiple Choice
'Opportunity Cost' refers to the monetary price that a consumer must pay for a good or service
True
False
- 6. Multiple Choice
Wants are unlimited but never change
True
False
- 7. Multiple Choice
Australia would be considered a modified market economy
True
False
- 8. Multiple Choice
Capital goods are used to satisfy wants
True
False
- 9. Multiple Choice
The four factors of production are land, labour, water, and enterprise
True
False
- 10. Multiple Choice
Economics is considered to be a social science because
It is an analytical, problem-solving discipline
It deals with human problems in a scientific way
The economist can test hypotheses under controlled laboratory conditions
The economist studies problems in the same way as the natural or physical scientist
- 11. Multiple Choice
Scarcity means that
Everybody wants that commodity
There is not enough of a commodity to satisfy all wants
The cost of pollution must be paid for by all taxpayers
A commodity has a negative economic value
- 12. Multiple Choice
The economic problem is caused by the fact that
We cannot easily decide what goods and services to produce
Resources are scarce and wants are limited
Resources are limited and wants are unlimited
Resources are unlimited and wants are limited
- 13. Multiple Choice
Three people, shipwrecked on a small island with very limited resources, want various things. One wants food, one wants shelter, one wants clothing. To satisfy these wants, they will have to decide
What goods or services to produce first
how to use their limited resources to produce these goods
For whom the goods should be produced
All of the above
- 14. Multiple Choice
The opportunity cost of purchasing a portable DVD player is
The purchase price plus the value of the alternative purchase forgone
The value of the alternative purchase forgone
The purchase price of the player
Nothing, if the player was a gift from your parents
- 15. Multiple Choice
Wants are unlimited because
They vary from person to person
They are determined by tastes
Incomes keep rising
They can never be fully satisfied
- 16. Multiple Choice
Which of the following would not be classified by an economist as capital?
The household washing machine
A supermarket cash register
A factory
A printing press
- 17. Multiple Choice
If the economy moves along its production possibility curve, then
It must employ more resources
There is an opportunity cost involved
Production of both goods is increased
Some unemployment will occur
- 18. Multiple Choice
An economic system is
The way in which a government earns revenue and spends it
The way a country decides on production, allocation and distribution
All the financial institutions in a country
A way the standard of living of people is measured
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