MCQ Basic economic problem

MCQ Basic economic problem

9th - 11th Grade

30 Qs

quiz-placeholder

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MCQ Basic economic problem

MCQ Basic economic problem

Assessment

Quiz

Social Studies

9th - 11th Grade

Practice Problem

Hard

Created by

Charumathi Sivasubramanian

Used 16+ times

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30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A free good would be one that is superabundant so that there is no sacrifice incurred in using it

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Labour is responsible for bringing together land, capital and enterprise

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The basic economic problem can never be eliminated.

true
false

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

$2bn is invested in developing a country’s natural resources and infrastructure.

Which two factors of production does this refer to directly?

capital and labour

capital and land

enterprise and land

labour and land

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of these is not a decision which is made to solve the basic economic problem?

What to produce

How to produce

Why to produce

For whom to produce

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Define opportunity cost

the value forgone from the all other alternatives

the value forgone from the next two best alternatives

the value forgone from the next best alternative

the value gained from choosing

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the below is not scarce resource?

Oil

Sea water

Natural gas

Gold

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