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FPEC1014 TOPIC 1

Authored by Kee Tuan Teng

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FPEC1014 TOPIC 1
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24 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not a resource?

land

money

capital

labour

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is the study of ?.

how to make money

how to use up all resources

people making choices because of scarcity

how to make a profit from a business

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity exists because _ .

human wants are unlimited but resources are limited

people want to make money

some countries have limited resources

some businesses are poorly managed

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Along the production possibility curve, an increase in the production of one good can be achieved only by ? .

decreasing the production of another good

increasing the production of another good

production of another good remains constant

producing outside the curve

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Opportunity cost is the _ .

price of a good

second best option given up when making a choice

loss to businesses

cost to produce goods

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An outward shift in the production possibility curve is caused by ?.

the increase in price of goods

entrepreneurship

a decrease in labour

an advancement in technology

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consumer sovereignty occurs in a ? .

market economy

mixed economy

command economy

socialist economy

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