What is the basic economic problem?

IAL Economics Revision: Chapter 2

Quiz
•
LEO SKLIAR
•
Other
•
11th Grade
•
1 plays
•
Medium
Student preview

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
Explore all questions with a free account
Similar Resources on Quizizz
10 questions
Economics Basics

Quiz
•
11th Grade - University
10 questions
Economics - Unit 1

Quiz
•
10th - 12th Grade
15 questions
U1 Econ Basics

Quiz
•
11th - 12th Grade
15 questions
Introductory Economic Terms (Scarcity, Opp. Cost, P.P.F.)

Quiz
•
11th - 12th Grade
10 questions
Introduction to Economics

Quiz
•
6th Grade - University
11 questions
Rev 5 Unit 6 - Vocabulary

Quiz
•
10th - 12th Grade
15 questions
IGCSE Economics: The Basic Economics Problem (Definition)

Quiz
•
10th - 11th Grade
10 questions
Chapter 1

Quiz
•
11th - 12th Grade
Popular Resources on Quizizz
19 questions
Naming Polygons

Quiz
•
3rd Grade
14 questions
Prime Factorization

Quiz
•
6th Grade
20 questions
math review

Quiz
•
4th Grade
21 questions
6th Grade Math CAASPP Practice

Quiz
•
6th Grade
20 questions
Reading Comprehension

Quiz
•
5th Grade
20 questions
Types of Credit

Quiz
•
9th - 12th Grade
35 questions
4th Grade Math SOL Review

Quiz
•
4th Grade
20 questions
Taxes

Quiz
•
9th - 12th Grade
Discover more resources for Other
20 questions
Types of Credit

Quiz
•
9th - 12th Grade
20 questions
Taxes

Quiz
•
9th - 12th Grade
20 questions
Managing Credit

Quiz
•
9th - 12th Grade
20 questions
Investing

Quiz
•
9th - 12th Grade
20 questions
Insurance

Quiz
•
9th - 12th Grade
20 questions
Common Grammar Mistakes

Quiz
•
7th - 12th Grade
20 questions
Paying for College

Quiz
•
9th - 12th Grade
20 questions
Banking

Quiz
•
9th - 12th Grade