Economic quiz

What are the 4 factors of production

• Capital, Landmark, Charity, People

• Capital, Land, Labor, Enterprise

• Government, Firms, Consumers, Workers

• unlimited wants and limited resources

What is the basic economic problem ?

• Unlimited resource but limited wants

• Limited resources and limited wants

• Limited resource but unlimited wants

• Limited needs and Limited wants

If Trong went to the supermarket and bought a toothbrush what is the opportunity cost ?

• The money he spent on the toothbrush
• The time he spent at the supermarket
• The next best alternative he gave up to buy the toothbrush
• The total cost of all items he could have bought instead

What is opportunity cost ?

• The best alternative choice forgone while making an economic decision

• The cost of producing a good or service
• The cost of resources used in production
• The cost of goods sold

What does the point A represent in the PPC curve

• The maximum possible production of two goods
• The minimum possible production of two goods
• The point of economic equilibrium
• The point of economic inefficiency

A factory in china employs 1,000 workers.

What is the FOP related in the question stated above?

• Land

• Enterprise

• Labour

• Capital

An economy improved the quality of its' machinery.

What will happen to its' PPC curve.

• The PPC curve will shift inward
• The PPC curve will shift outward
• The PPC curve will remain the same
• The PPC curve will disappear

Which term is used to describe non-physical items, such as haircuts, bus journeys and internet access?

• Tangible goods
• Physical goods
• Material goods
• Services

What are examples of economic goods

• Air, Sunlight, Rain
• Gold, Oil, Diamonds
• Happiness, Love, Friendship
• Dreams, Ideas, Thoughts

Which refers to the willingness and ability of a person to relocate from one area to another for employment purposes?

• Geographical mobility

• Job Security
• Occupational mobility

• Physical mobility