Search Header Logo

ECO MCQ

Authored by Azman Man

Other

University

Used 1+ times

ECO MCQ
AI

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

    Content View

    Student View

42 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary reason why people face trade-offs?

Resources are abundant

People prefer making difficult decisions

Resources are scarce

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Opportunity cost is best described as:

The money spent on an item

The value of the next best alternative forgone

The total cost of production

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the "invisible hand" in economics refer to?

Government intervention

The self-regulating nature of markets

The hidden cost of goods

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When does market failure occur?

When markets allocate resources efficiently

When markets fail to allocate resources efficiently

When consumers make irrational choices

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main factor that determines a country's standard of living?

The amount of natural resources

Its ability to produce goods and services

The population size

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics as a science relies on:

The use of the scientific method

Political debates

Random guesswork

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a normative statement?

A statement based on facts

A statement about how the world should be

A statement that describes the world as it is

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?