1.4 Concept of Allocation of Resources

1.4 Concept of Allocation of Resources

12th Grade

12 Qs

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1.4 Concept of Allocation of Resources

1.4 Concept of Allocation of Resources

Assessment

Quiz

Other

12th Grade

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Created by

Yogendra Dahal

Used 92+ times

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12 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the three questions faced by all economies?

What to produce, when to produce it and who receives it

What to produce, how to produce it and who receives it

Where to produce, how to produce and when to produce

Where to produce, when to produce and why to produce

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What encourages firms to produce what consumers demand?

The chance to earn a high profit

The chance to experience high unit costs of production

The desire to attract new firms into the industry

The desire to keep revenue as low as possible

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How are resources allocated in a market economy?

By directives

By the price mechanism

By directives or the price mechanism

By directives and the price mechanism

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economic system answers three questions about goods and services. Which of the following option is NOT one of these questions?

What to produce?

Who receives the products?

How to produce?

Where to produce?

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In what type of economy allocation do individuals and firms determine what will be produced?

Government

Command

Market

Traditional

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In economics there are 4 types of resources. Which of the following is NOT a type of resource?

Land

Money

Labor

Entrepreneurship

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What makes a resource or good scarce?

Must be limited in quanity

Must be desirable

Must have more than one use

All of these answers.

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