The Central Economic Problem

The Central Economic Problem

12th Grade

9 Qs

quiz-placeholder

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The Central Economic Problem

The Central Economic Problem

Assessment

Quiz

Business

12th Grade

Practice Problem

Easy

Created by

Serene Chong

Used 1+ times

FREE Resource

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9 questions

Show all answers

1.

OPEN ENDED QUESTION

20 sec • 1 pt

What is the fundamental economic problem faced by all individuals, societies, and countries?

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2.

OPEN ENDED QUESTION

2 mins • 4 pts

What are the four basic categories of economic resources and what do they stand for?

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3.

OPEN ENDED QUESTION

5 mins • 2 pts

What is the difference between positive and normative economics?

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4.

OPEN ENDED QUESTION

5 mins • 1 pt

Using marginalist principle, what should a consumer be looking at in order to maximise net benefit in making rational decision?

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5.

OPEN ENDED QUESTION

5 mins • 3 pts

How does the PPC illustrate scarcity, choice, and opportunity costs?

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6.

OPEN ENDED QUESTION

5 mins • 1 pt

What does it mean when an economy is producing inside its PPC?

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7.

OPEN ENDED QUESTION

10 mins • 1 pt

Referring to Section C, Pg 5 of the CEP tutorial, explain one benefit for the student who chooses to pursue pursue a diploma programme after her Higher Nitec education.

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