What is the basic economic problem?

IAL Economics Revision: Chapter 2

Quiz
•
Other
•
11th Grade
•
Medium
LEO SKLIAR
Used 1+ times
FREE Resource
13 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Resources are unlimited and wants are scarce
Resources are scarce and wants are unlimited
Resources and wants are both unlimited
Resources and wants are both scarce
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is considered as a factor of production?
Money
Land
Technology
Advertising
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are economic goods?
Goods that are unlimited in supply
Goods that have no opportunity cost
Goods that are scarce because their use has an opportunity cost
Goods that are produced without any resources
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the role of entrepreneurship in the production process?
To allocate resources between competing uses
To seek out profitable opportunities for production and take risks
To transform working capital into goods and services
To exploit non-renewable resources
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who are entrepreneurs?
Individuals who seek out profitable opportunities for production and take risks
Individuals who allocate resources between competing uses
Individuals who transform working capital into goods and services
Individuals who exploit non-renewable resources
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the factors of production?
Land, labor, capital, and entrepreneurship
Money, labor, capital, and entrepreneurship
Land, labor, technology, and entrepreneurship
Land, labor, capital, and advertising
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are fixed capital resources?
Resources that are unlimited in supply
Resources that can be exploited over and over again
Resources used to transform working capital into goods and services
Resources such as factories and hospitals
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