IGCSE Basic Economic Problem

Quiz
•
Social Studies
•
10th Grade
•
Hard
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
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
Create a free account and access millions of resources
Similar Resources on Wayground
10 questions
Trade-off and Opportunity Cost

Quiz
•
7th - 12th Grade
11 questions
Scarcity, Opp Cost & PPC

Quiz
•
12th Grade
16 questions
Economics: Choices & Scarcity

Quiz
•
12th Grade
10 questions
Unit 1 Economics Quiz

Quiz
•
12th Grade
18 questions
Unit 1 Test Review Fall 2023

Quiz
•
12th Grade
10 questions
1.1 & 1.2 - Scarcity and PPC

Quiz
•
9th - 12th Grade
20 questions
Fundamentals of Economics Vocabulary Test - SPRING

Quiz
•
9th - 12th Grade
20 questions
The Basic Economic Problem

Quiz
•
5th - 12th Grade
Popular Resources on Wayground
18 questions
Writing Launch Day 1

Lesson
•
3rd Grade
11 questions
Hallway & Bathroom Expectations

Quiz
•
6th - 8th Grade
11 questions
Standard Response Protocol

Quiz
•
6th - 8th Grade
40 questions
Algebra Review Topics

Quiz
•
9th - 12th Grade
4 questions
Exit Ticket 7/29

Quiz
•
8th Grade
10 questions
Lab Safety Procedures and Guidelines

Interactive video
•
6th - 10th Grade
19 questions
Handbook Overview

Lesson
•
9th - 12th Grade
20 questions
Subject-Verb Agreement

Quiz
•
9th Grade
Discover more resources for Social Studies
40 questions
Algebra Review Topics

Quiz
•
9th - 12th Grade
10 questions
Lab Safety Procedures and Guidelines

Interactive video
•
6th - 10th Grade
19 questions
Handbook Overview

Lesson
•
9th - 12th Grade
10 questions
Characteristics of Life

Quiz
•
9th - 10th Grade
10 questions
Essential Lab Safety Practices

Interactive video
•
6th - 10th Grade
62 questions
Spanish Speaking Countries, Capitals, and Locations

Quiz
•
9th - 12th Grade
20 questions
First Day of School

Quiz
•
6th - 12th Grade
21 questions
Arithmetic Sequences

Quiz
•
9th - 12th Grade