
Practice Topic 1
Quiz
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Social Studies
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University
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Practice Problem
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Medium
Utin Roziana
Used 5+ times
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8 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Zara has RM50 and can either buy a new book or go for a movie with her friends. She decides to buy the book. What is this economic decision an example of?
Sunk cost
Marginal cost
Opportunity cost
Variable cost
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economics studies how people allocate scarce resources to satisfy their:
Scarce needs
Unlimited wants
Limited wants
Measurable desires
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes microeconomics?
The study of inflation and interest rates
The analysis of a single consumer's purchasing decisions
The evaluation of national productivity
The measurement of unemployment trends
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the circular flow model, households provide ____ to the factor market and receive ____ from firms.
Goods; services
Labour; income
Products; wages
Capital; taxes
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A country decides to shift its focus from producing consumer goods to building infrastructure. Which basic economic problem is being addressed?
For whom to produce?
What to produce?
How much to produce?
How to distribute?
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The role of an entrepreneur in a business is to:
Supply labour and capital to the government
Supervise all employees and set salaries
Combine production factors and take business risks
Focus only on cost-cutting without innovation
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which situation will cause a rightward shift of the Production Possibility Curve (PPC)?
A natural disaster reduces resource availability
A technological innovation boosts production
Population declines over time
Increase in government restrictions
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