Economics for Grade 10

Studying economics helps us to understand how humans make decisions with the resources they have.

• True

• False

The major problem in economics is, scarcity

• True

• False

Scarcity exists because the resources are less than people's wants.

• True

• False

Which of the following is a good?

• a laptop

• taking a taxi

• being taught by your Science teacher

• spending the weekend at a hotel.

Which would be considered a service?

• a microwave

• a sofa

• a doctor's visit

• a burger

choice is inevitable. This means that .....

• One will have to make sacrifice because resources are inadequate

• an individual has preferences.

The options that you. the government and the firms choose from are known as

• opportunity cost

• need

• resources

• choice

Kemoy would like to buy a pair of Nike sneakers and an iphone, but he can only buy the iphone. Why is kemoy unable to buy both items?

• There is scarcity of money as a resource.

• money is not a problem because he is rich.

Based on question 8, Kemoy's choice is..

• Nike sneakers and money

• Iphone and money

• Nike sneakers and Iphone

If, Kemoy chooses to purchase the iphone instead of the Nike sneakers, which would be the opportunity cost?

• money used as resources

• Iphone and Nike Sneakers

• Nike sneakers

• Iphone