Test Your Knowledge 2
Quiz
•
Other
•
11th Grade
•
Practice Problem
•
Easy
Ibironke Sonuga
Used 12+ times
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40 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is the central problem of Economics?
How to increase population
How to allocate scarce resources efficiently
How to reduce costs
How to produce more goods
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is meant by the basic problem of "scarcity"?
The government lacks resources
There are limited resources but unlimited wants
Prices are always increasing
There is too much money in the economy
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a consequence of scarcity?
Resources are always wasted
People must make choices
There are no alternatives
Everything is freely available
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an economic "good"?
A product that is scarce and requires resources to produce
A product that is freely available
A product that has no value
A service provided by the government
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the basic economic question "What to produce?" refer to?
The decision of which goods and services should be produced
The method of producing goods
How goods will be distributed
Who will consume the goods
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The question "For whom to produce?" in economics means:
How to produce goods efficiently
How goods and services are distributed among people
What prices to charge
Where to sell goods
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT one of the basic economic questions?
What to produce
How to produce
When to produce
For whom to produce
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