IGCSE Economics Quiz

IGCSE Economics Quiz

5th Grade

75 Qs

quiz-placeholder

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IGCSE Economics Quiz

IGCSE Economics Quiz

Assessment

Quiz

Others

5th Grade

Hard

Created by

Christopher Sawyers

FREE Resource

75 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes the role of an entrepreneur in the economy?

To provide labor to businesses

To manage and organize resources in order to produce goods and services

To set government policies on business

To create laws regulating businesses

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An entrepreneur is someone who:

Works for a large corporation and does not take any business risks

Starts and operates their own business, taking on financial risks

Provides labor to other businesses in exchange for wages

Organizes public services and institutions for government benefit

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a characteristic of a successful entrepreneur?

Strong preference for job security

Willingness to take calculated risks

Reluctance to work long hours

Focus on avoiding competition

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Opportunity cost is best described as:

The amount of money spent to produce a good or service

The value of the next best alternative foregone when making a decision

The cost of training workers for new skills

The financial loss incurred when a business fails

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you decide to spend your money on a concert ticket rather than saving it for a new phone, what is your opportunity cost?

The price of the concert ticket

The enjoyment you get from attending the concert

The new phone you could have bought instead

The time spent at the concert

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of opportunity cost in a business decision?

Choosing to invest in new technology instead of spending money on marketing

Hiring more employees to increase production

Cutting prices to attract more customers

Increasing advertising to raise brand awareness

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is considered a basic need?

A smartphone

A laptop

Clean water

A designer handbag

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