Topic 1 Central Economic Problem_Scarcity, Resources, Choices, Opp cost

Topic 1 Central Economic Problem_Scarcity, Resources, Choices, Opp cost

12th Grade

15 Qs

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Topic 1 Central Economic Problem_Scarcity, Resources, Choices, Opp cost

Topic 1 Central Economic Problem_Scarcity, Resources, Choices, Opp cost

Assessment

Quiz

Others

12th Grade

Practice Problem

Hard

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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary focus of economics?

The study of historical events

The study of how to allocate limited resources to satisfy unlimited wants

The study of physical sciences

The study of languages

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a factor of production?

Land

Capital

Entrepreneurship

Technology

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does microeconomics study?

The global economy

The behavior of individual decision-making units

The aggregate output of an economy

The national unemployment rate

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which statement is an example of normative economics?

Singapore spends more money on its military than any other country

An increase in household income will lead to an increase in the demand for luxury goods

The government should provide education for free

The price of vegetables has risen

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the opportunity cost of choosing to spend time studying for a test?

The grade received on the test

The enjoyment from catching up with friends

The cost of the test materials

The time spent in the library

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one of the concern of macroeconomics?

Sustainable and inclusive Economic growth

The pricing of individual goods

Individual market behavior

The decision-making process of firms

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a renewable natural resource?

Mineral ores

Fossil fuels

Wind

Gold

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