TMA 1: Introduction to Economics MCQ

TMA 1: Introduction to Economics MCQ

11th Grade

15 Qs

quiz-placeholder

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TMA 1: Introduction to Economics MCQ

TMA 1: Introduction to Economics MCQ

Assessment

Quiz

Social Studies

11th Grade

Easy

Created by

William Gibson

Used 1+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of opportunity cost?

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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