WorksheetsBasic! How much you know???
Total questions: 15
Worksheet time: 10mins
The root cause of all economic issues is ???
choice
unemployment
opportunity cost
scarcity
When people are losing trust on the government, the currency is no longer usable, this is the characteristic of:
medium of exchange
money substitute
fiat money
legal tender
The key characteristic needed to serve the function of 'unit of account' is portability.
True
False
Which factor of production below will receive uncertain reward for their effort?
capital
enterprise
labour
land
Below shows a PPC for a farmer. X is original position. If he switches resources to produce more apple, new position is?
A
B
C
D
A theatre increases its ticket price from $10 to $15. As a result, its total revenue decrease from $10000k to $6000k. The PED range is?
0.2 to 0.5
0.6 to 1.0
1.1 to 1.4
1.5 to 2.0
A diamond is good store of value.
True
False
In a shop, one is in-charged of serving customers, one is collecting money, one is doing packing, this is called?
barter system
international trade
specialisation
division of labour
The ingredients needed to bake cakes are running out, yet people prefer to eat cakes now. what happen to market price and quantity of cake?
price rises, quantity uncertain
both price and quantity rises
price uncertain, quantity rises
price rises, quantity falls
Econ class is fun right?
Yes! good guys! :)
No. HOW DARE YOU TO CHOOSE THIS!
Future expectation is one of the determinants for?
demand
supply
demand and supply
none of the above
XED value of +5.0 showing 2 goods are:
strong complements
weak complements
strong substitutes
weak substitutes
Which one below can make demand for a product more price elastic?
the product is getting more important to daily life
the product is getting more addictive and craved for
the price of the product falls taking lesser portion of consumer's income
there are more similar choices available in the market
A shift outward of PPC can be caused by all the reasons below, except:
innovation
training & education
unemployment
discovery of new resources
The outbreak of Covid-19 has brought severe impacts to the world.
This is a normative statement.
Yes
No
