What is the fundamental economic problem?

Economics Quiz on Key Concepts

Quiz
•
Social Studies
•
10th Grade
•
Medium
zaine marx
Used 4+ times
FREE Resource
40 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Inefficient resource allocation
Scarcity of resources
Lack of government intervention
Inequality of income
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Scarcity arises because:
Resources are unlimited.
Wants are limited.
Resources are finite, and wants are infinite.
Wants are finite, and resources are infinite.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Opportunity cost is best defined as:
The monetary cost of an alternative.
The value of the next best alternative foregone.
The total cost of all alternatives.
The financial gain from a choice.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a student chooses to spend time studying instead of going to a party, the opportunity cost is:
The enjoyment missed at the party.
The money saved by not partying.
The marks earned by studying.
The cost of party expenses.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not a factor of production?
Land
Labour
Capital
Money
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A point inside the PPC indicates:
Efficient resource use.
Underutilization of resources.
Overproduction.
Unattainable output combinations.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What causes a PPC to shift outward?
A decrease in resources.
Economic growth or technological improvement.
A decrease in population.
An increase in unemployment.
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