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Economics -

Authored by Shantala Kothare

Social Studies

9th - 10th Grade

Used 21+ times

Economics -
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15 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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1. Two telecommunications companies are to merge to finance investments in new technology, which will be more efficient and require smaller buildings. Three hundred workers will lose their jobs.

What will happen to the factors of production used?

A

B

C

D

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

1. A country with a low income per head discovers large quantities of oil, which eventually makes everybody better off.

Why is the basic economic problem of scarcity not solved by this discovery?

A People may not get jobs in the oil industry.

B People’s wants are always changing and increasing.

C Prices of oil can fluctuate on the world market.

D Production of oil can damage the environment.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

1. Which statement about factors of production is correct?

A Capital is the money people keep in the bank.

B Enterprise is found more in service industries than in manufacturing industries.

C Labour includes only those who work using their hands.

D Land includes resources found in or under the sea.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

China earns enough income to purchase large quantities of natural resources from developing countries.

Which statement explains this situation?

A China does not experience the economic problem of scarcity.

B Supplies of natural resources in China are limited relative to demand.

C There are unlimited supplies of natural resources in developing countries.

D There is an excess stock of land in China.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A farmer pays a landowner for the use of a field.

What is the income to the landowner called?

A interest

B profit

C rent

D wages

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What makes choice an important element in the basic economic problem?

A Increased demand leads to higher market prices.

.

B Limited resources have many alternative uses.

C Reaching a market equilibrium may take a long time.

D Scarce economic resources are distributed equally

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

1What is a factor of production?

A an advantage of producing on a large scale

B a resource used to produce goods and services

C a sub-section of a manufacturing process

D a unit of output

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