Foundations of economics

Quiz
•
Social Studies
•
11th - 12th Grade
•
Medium
Morten Wincent
Used 29+ times
FREE Resource
11 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
_______________is the situation in which available resources, or factors of production, are finite, whereas wants are infinite. There are not enough resources to produce everything that human beings need and want *
Perfect competition
Opportunity cost
Social science
Exploitation
Scarcity
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
All economies must make choices on how to use their resources in order to produce goods and services. Goods and services can be produced by use of different combinations of factors of production (for example, relatively more human labour with fewer machines, or relatively more machines with less labour), by using different skill levels of labour, and by using different technologies. - Which concept? *
For whom to produce
How to produce
What to produce
All of the above
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
All economies must make choices about how the goods and services produced are to be distributed among the population. Should everyone get an equal amount of these? Should some people get more than others? Should some goods and services (such as education and healthcare services) be distributed more equally? Which concept?
How to produce
For whom to produce
What to produce
All of the above
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
All economies must choose what particular goods and services and what quantities of these they wish to produce.
What to produce
For whom to produce
How to produce
All of the above
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
If a decision is made to change the amounts of goods produced, such as more food and fewer weapons, this involves a _______________ of resources
Reallocation
Repatriation
Redistribution
Deregulation
Reassessment
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
__________, or the value of the next best alternative that must be sacrificed to obtain something else, is central to the economic perspective of the world, and results from scarcity that forces choices to be made.
Abnormal profit
Implicit cost
Opportunity cost
Total cost
Land
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Identify the impossible position under 'autarky'?
A
E
F
G
A, B, C, D, E
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