IAL Economics Revision: Chapter 2

IAL Economics Revision: Chapter 2

11th Grade

13 Qs

quiz-placeholder

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IAL Economics Revision: Chapter 2

IAL Economics Revision: Chapter 2

Assessment

Quiz

Other

11th Grade

Medium

Created by

LEO SKLIAR

Used 1+ times

FREE Resource

13 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the basic economic problem?

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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