
Basic Economic Problem
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10th Grade
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not included in the study of economics?
Scarce resources
Choice
What people should buy
Opportunity cost
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following BEST describes the basic economic problem?
Limited needs and unlimited resources
Unlimited wants and scarce resources
Limited incomes and spending power
Unlimited choices of consumer goods
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these is a human resource?
A production worker
A forest
A field of wheat
A factory
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a scarce resource?
Air
Land
Money
Oil
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is the reward to an entrepreneur?
Profit
Wages
Revenue
Employment
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the study of economics, resources are also known as:
Workers and machines
Raw materials
Factors of production
Profit
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the meaning of opportunity cost, what is sacrificed when a decision is taken?
An identical alternative
Any alternative
The least valuable alternative
The next best alternative
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