IGCSE Economics Unit 1: Revision Quiz

Quiz
•
Social Studies
•
10th Grade
•
Easy
Llewellyn Thatcher
Used 3+ times
FREE Resource
34 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why does the basic economic problem exist?
Resources are unlimited
Wants are unlimited and resources are scarce
Governments create shortages
Everyone has the same needs
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which is an example of a scarce resource?
Air at sea level
Land
Sunshine
Rainfall
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Scarcity forces individuals and societies to:
Produce without limits
Make choices
Avoid opportunity cost
Eliminate trade
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Resource allocation is about deciding:
Who wants the most
What to produce, how, and for whom
How to avoid scarcity
How to make resources infinite
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An economy deciding to produce more hospitals instead of factories is an example of:
Free good choice
Resource allocation
Scarcity removal
No opportunity cost
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which factor does NOT affect resource allocation?
Consumer demand
Scarcity
Unlimited resources
Government policies
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which is a free good?
Bottled water
Air in the atmosphere
Gold
Electricity
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