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WorksheetsS3 Economics 1st Quiz
Total questions: 20
Worksheet time: 10mins
Which of the following is NOT a free good?
free education provided by the government
water in the Yellow River
sand in the beach
trees in the tropical rainforest
Which of the following statement(s) about economic goods is/are CORRECT?
(1) People always prefer more of them.
(2) The quantity available is not sufficient to satisfy all people’s wants.
(3) Goods that are free of charge cannot be economic goods.
(3) only
(1) and (2) only
(2) and (3) only
(1), (2) and (3)
Which of the following is most likely an economic good?
water in the sea
sunshine
sand in the desert
fish sold in the market
Free shuttle bus service running between shopping malls and housing estates is
a free good because it is free of charge.
a free good because no one is willing to pay for it.
an economic good because it helps increase the number of people going to the shopping malls.
an economic good because various resources are used in the provision of the free shuttle bus service.
The free newspapers distributed at the MTR stations are
free goods because MTR passengers do not pay for them.
free goods because every MTR passenger has the right to get them.
economic goods because there are always MTR passengers who want to get the free newspapers but cannot get one.
economic goods because they can attract more people to take the MTR.
Sometimes there are free gifts inside magazines. Which of the following statements about these free gifts is CORRECT?
The free gifts are free goods because nothing has to be forgone to get them.
The free gifts are economic goods because people have to pay for the magazines in order to get them.
The free gifts are free goods because everyone who buys the magazines gets them.
The free gifts are economic goods because resources used to produce these free gifts have alternative uses.
To encourage the public to do more exercise, the government of a country lets citizens use public swimming pools free of charge. To society, the public swimming pool service is
a free good because water is a gift of nature.
a free good because the fee is waived.
an economic good because the government has to pay for the expenses involved.
an economic good because the maximum number of people who can use the public swimming pool is limited.
In some schools, students use the printing service without paying any fee. To society, the printing service is a/an _________ because _____________.
free good … the school does not aim to maximise profit
free good … the printing service is free of charge
economic good … when one student is using the printing service, other students have to wait
economic good … paper and ink are needed for the provision of printing services
Some community service centres provide free tutorial classes to students in need. The free tutorial service is
a free good because the students need not pay any tuition fee.
a free good because it does not have market value.
an economic good because the tuition fee has already been included in the membership fee.
an economic good because the tutors have positive time cost.
After the Second World War, many people in Germany had to salvage construction materials from their destroyed homes to reconstruct their homes. In this case, these building materials are
an economic good because costs are involved in obtaining them.
an economic good because these building materials were wanted by the Germans.
not an economic good because they did not have to pay money for them.
a free good because these materials have no alternative uses.
Water in the sea is _____________________ and the water in the desert is __________________.
a free good … an economic good
an economic good … a free good
a free good … a free good
an economic good … an economic good
Which of the followings is NOT included in the study of macroeconomics?
how the public assistance policies carried out by the government affect the economy
how the bad weather affects the price of wheat
how an increase in government expenditure affects the unemployment rate
how the policies implemented by the government affect the economic growth of the economy
Which of the following statements is CORRECT?
Wants arise because scarce resources are unevenly distributed.
Wants do not have to be supported by purchasing power.
Wants exist because of scarcity.
Wants are the same as demand.
Competition exists because of
limited resources.
unlimited wants.
scarcity.
discrimination.
Which of the following CANNOT be regarded as a good in economics?
clean water
free samples of shampoo
polluted air
singing of birds
Rubbish in the sea is NOT a good in economics because
no one is willing to pay for it.
its production does not involve any cost.
no one wants more of it.
it cannot satisfy people’s wants.
What is Economics?
It is a study of how people speculate in stock market.
It is a study of how politicians maximise their political interests.
It is a study of how the government improves the well-being of her citizens.
It is a study of how scarce resources are allocated to satisfy human wants.
Which of the following about scarcity is CORRECT?
Only poor people face scarcity.
Scarcity exists because human wants are limited.
Scarcity exists because the supply of resources is fixed.
People have to make choice because of scarcity.
Which of the following statements about free goods is INCORRECT?
Free goods can satisfy people’s wants.
Free goods must be free of charge.
The supply of free goods can be limited.
Nobody wants free goods.
Which of the following is NOT a feature of free goods?
People do not prefer to have free goods.
The quantity of free goods is sufficient to satisfy all people’s wants.
People will not compete for free goods.
There is no cost in obtaining free goods.
