What is the definition of opportunity cost?
TMA 1: Introduction to Economics MCQ

Quiz
•
Social Studies
•
11th Grade
•
Easy

William Gibson
Used 1+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The price of a good or service
The next best alternative given up when a choice is made
The cost of resources used
The total cost of production
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a public good?
Healthcare
Private schools
Sea defences
Luxury cars
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does non-excludability mean?
A good is only available to certain consumers
A good is available for free
Once a good is provided, others cannot be prevented from benefiting
Consumers can be prevented from using a good
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a characteristic of private goods?
Non-rival and excludable
Rival and excludable
Non-rival and non-excludable
Rival and non-excludable
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the basic economic problem?
Unlimited resources and limited wants
Scarce resources and unlimited needs and wants
High demand and low supply
Excessive production of goods
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is meant by geographical mobility of labor?
The skill level of workers
The ability to work from home
The willingness to move for employment
The ability to switch jobs easily
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of an economic good?
A smartphone
Sunlight
Sea water
Clean air
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