WorksheetsAGR113 - CHAPTER 1
Total questions: 15
Worksheet time: 8mins
Choose all basic economic concepts
Scarcity
Unlimited
Opportunity cost
Choice
The forgone benefit that would have been derived from an option not chosen is known as
(a)
The demand for a good or service is greater than the availability of the good or service is known as
(a)
The basic economic concepts of scarcity, choices and opportunity cost can be explain by the diagram called (a)
What is the definition of economic?
A study of how people use their unlimited resource to fulfill unlimited wants and involves alternative or choice.
A study of how people use their unlimited resource to fulfill limited wants and involves alternative or choice.
A study of how people use their limited resource to fulfill unlimited wants and involves alternative or choice.
A study of how people use their limited resource to fulfill limited wants and involves alternative or choice.
An economic system where all the economic decision are made by the government or a central authority is called ______
Capitalist economic system
Mixed economy system
Islamic economic system
Socialist economic system
The followings are assumptions for PPC except
Two products
Full employment
Technology is expandable
Fixed resource
A point outside PPC shows _______ production
unattainable but inefficient
attainable but inefficient
attainable and efficient
unattainable
A point along the PPC shows ________ production
attainable and efficient
attainable and inefficient
unattainable and efficient
unattainable and inefficient
A point inside PPC shows that the resources are ______ for the production of goods.
not enough
enough
not fully utilized
fully utilized
More output is represented by a/an _______ shift in the production possibility curve
downward
unexpected
outward
left
Biased technological change happens when
the technological change benefits both production of goods
the technological change discourage production of both goods
the technological change discourage production of one of the good
the technological change benefits only one production of good
No private ownership is one of the feature of _______ economic system
capitalist
mixed
socialist
Islamic
Monopoly can be control under _______ economic system
capitalist
mixed
socialist
islamic
Ignorance of human welfare, wasteful competition and misallocation of resources are among disadvantages of ______ economic system
socialist
Islamic
mixed
capitalist
