ECO MCQ

ECO MCQ

University

42 Qs

quiz-placeholder

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ECO MCQ

ECO MCQ

Assessment

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University

Practice Problem

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Azman Man

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42 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary reason why people face trade-offs?

Resources are abundant

People prefer making difficult decisions

Resources are scarce

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Opportunity cost is best described as:

The money spent on an item

The value of the next best alternative forgone

The total cost of production

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the "invisible hand" in economics refer to?

Government intervention

The self-regulating nature of markets

The hidden cost of goods

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When does market failure occur?

When markets allocate resources efficiently

When markets fail to allocate resources efficiently

When consumers make irrational choices

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main factor that determines a country's standard of living?

The amount of natural resources

Its ability to produce goods and services

The population size

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics as a science relies on:

The use of the scientific method

Political debates

Random guesswork

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a normative statement?

A statement based on facts

A statement about how the world should be

A statement that describes the world as it is

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