Economics 1

Economics 1

12th Grade

30 Qs

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Economics 1

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Assessment

Quiz

Social Studies, Other

12th Grade

Hard

Created by

Candice Barracks-Clarke

Used 1+ times

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30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why does scarcity exist?

Each year workers tend to produce less than previously 
Machines wear out in time
There are not sufficient resources to meet everyone's wants
There is a limit to people's wants 

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why will scarcity continue to be a problem in the future?

Prices will rise
Resources will always be finite 
Needs will decrease in the future 
World population will fall 

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of factor of production is a road?

Capital
Enterprise
Labour
Land 

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is meant by 'labour' in economics?

Hard physical work used to produce manufactured goods 
Human mental and physical effort used for producing goods and services
Natural resources used in the productive process
Risk taking and organising the factors of production

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which factor of production is the least mobile?

Capital 
Enterprise
Labour
Land 

6.

MULTIPLE CHOICE QUESTION

30 sec • 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

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the below is not scarce resource?

Oil

Sea water

Natural gas

Gold

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