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Year 11 Economics Quiz

Authored by Ibironke Sonuga

Other

12th Grade

Used 4+ times

Year 11 Economics Quiz
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26 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is economics primarily concerned with?

The study of natural resources

The allocation of scarce resources

The study of human culture

The study of political systems

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a factor of production?

Money

Government policies

Labor

Trade agreements

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Opportunity cost is defined as:

The value of all alternatives forgone

The monetary cost of a good

The time taken to produce a good

The value of the next best alternative forgone

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term "scarcity" in economics refer to?

Unlimited resources

Limited resources and unlimited wants

Limited wants and limited resources

Unlimited wants and unlimited resources

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT an economic resource?

Capital

Land

Labor

Government

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the basic economic problem faced by all societies?

Overproduction

Unemployment

Scarcity of resources

Inflation

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a market economy, the problem of 'what to produce' is solved by:

Government intervention

Forces of demand and supply

Company policies

International trade agreements

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