
Unit 1: Basic Economic Concepts QUIZ 1
Authored by samina iftikhar
Business
9th - 12th Grade
Used 133+ times

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14 questions
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1.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
What is the basic economic problem?
Poverty
Health problem
Scarcity
2.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Three basic economic questions are( choose three options)
What to produce?
How to produce?
For whom to produce?
Why to produce?
3.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Needs can be defined as
Something required for survival
Something required to satisfy desire.
Something that you desire to have
4.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Scarcity may be defined as
Unlimited resources and limited wants
Limited resources and unlimited needs and wants
Limited resources and limited needs and wants
5.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Four factors of production are
Land, Labor, Capital, Entrepreneur
Land , Labor, Money, Entrepreneur
Land , Labor, Capital, Machinery
6.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Reward/ payment for land is
Rent
Interest
Wages
7.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Reward/ Payment for labor is
Interest
Wages
Profit
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