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Understanding Economic Concepts

Authored by Okta Syafitri

Social Studies

11th Grade

Used 2+ times

Understanding Economic Concepts
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15 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is scarcity in economics?

Scarcity refers to an abundance of resources available to meet human wants.

Scarcity is the economic principle that all resources are infinite.

Scarcity is the condition where resources are limited and cannot meet all human wants.

Scarcity is the situation where resources are perfectly allocated to satisfy all needs.

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

How does choice relate to opportunity cost?

Opportunity cost only applies to financial decisions.

Choice is directly related to opportunity cost as every choice made incurs a cost of the next best alternative not chosen.

Choosing one option eliminates all other costs.

Choice has no impact on opportunity cost.

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What are the main factors of production?

Water, Technology, Management, Marketing

Land, Labor, Capital, Entrepreneurship

Finance, Resources, Trade, Advertising

Raw Materials, Services, Distribution, Innovation

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Explain the concept of opportunity cost with an example.

Opportunity cost refers to the time spent on a decision rather than its financial implications.

Opportunity cost is the amount of money spent on the chosen option.

The concept of opportunity cost is the value of the next best alternative that is forgone when making a decision.

Opportunity cost is the total cost of a decision including all expenses.

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What are the different economic systems?

Barter Economy

Traditional Economy, Command Economy, Market Economy, Mixed Economy

Resource-Based Economy

Gift Economy

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

How is resource allocation determined in a market economy?

Resource allocation is based solely on historical trends.

Resource allocation is fixed and does not change over time.

Resource allocation is determined by supply and demand dynamics in a market economy.

Resource allocation is determined by government regulations.

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What does the production possibility curve represent?

It represents the total income of an economy.

The production possibility curve represents the trade-offs between two goods in an economy, illustrating maximum production efficiency.

It shows the relationship between supply and demand.

It illustrates the distribution of wealth among citizens.

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