Which of these is the best definition of the "economic problem"?
Gr. 9 Business: Chapter 1 & 2

Quiz
•
Business
•
9th Grade
•
Hard
Anke Nieuwoudt
Used 8+ times
FREE Resource
18 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
People who do not have enough money
There are not enough resources to satisfy people's unlimited wants
There are not enough wants for the unlimited resources to satisfy
There are too many factors of production
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a factor of production?
Oil reserves
Factory buildings
Skilled labour
Music CDs
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If I buy a book for $10, then the opportunity cost is:
everything else I could have bought with the $10
$10
the benefit lost from not being able to consume the next best option
the benefit gained from buying the book
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Making choices is necessary in all economic systems because:
there are so many products that we cannot use them all at once
the government has so much money that it does not know what to do with it
there are so many resources compared to people's needs that we have to choose which ones not to use
there are so many wants compared to scarce resources that we have to decide what to produce
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Division of labour can be defined as:
workers specialise on just one task and become more effecient at it
workers become specialists in all jobs
all firms only have one worker so jobs are divided between the firms
no workers are employed as machines do all the work
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
One of the drawbacks to specialisation is that:
output and efficiency falls
workers spend time on training to do several different jobs
workers can become bored through only concentrating on one job
no machinery is used which saves on business costs
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
One of the benefits of specialisation is:
output and efiiciency increases
workers are able to undertake a range of tasks
no machinery is used which saves on business costs
workers do not have to spend time training to do a particular task
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