IGCSE Basic Economic Problem

IGCSE Basic Economic Problem

10th Grade

15 Qs

quiz-placeholder

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IGCSE Basic Economic Problem

IGCSE Basic Economic Problem

Assessment

Quiz

Social Studies

10th Grade

Hard

Created by

John Robinson

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The term "economies of scale" refers to ...

the average costs of production decreasing as a firm expands

the average costs of production rising as a firm expands

the average costs of production remaining the same as a firm expands

the average costs of production at first decreasing, then increasing, as a firm expands

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

What are the 4 factors that lead to a country’s economic growth?

investment in human capital, investment in physical capital, land (natural resources), entrepreneurship

good international relations, a democratic president, strict laws, freedom of press

a powerful military, strong dictatorial leadership, communist regime, little personal freedom

a monarchy, the World Bank, a parliamentary democracy, personal freedom

3.

MULTIPLE SELECT QUESTION

1 min • 1 pt

Which are three basic economic questions addressed by an economy?

For whom should production take place?

When should production take place?

What production should take place?

How should production take place?

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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

Factors of production

Goods

Services

Opportunity cost

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Production of any good or service requires resources known as ...

Factors of production

land

production facitilies

raw materials

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Yann bought a new bicycle for $350 but has never used it. The second-hand value of the bicycle is $250. What is the opportunity cost to Yann of keeping the bicycle?

0

100

250

350

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which statement best describes Opportunity Cost

The next best alternative chosen

The next best alternative forgone

The best alternative chosen

The worst alternative forgone

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