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WorksheetsEconomic Problems Quiz
Total questions: 15
Worksheet time: 8mins
What is the economic problem concerned with?
Unlimited resources and limited wants
Scarce resources and unlimited wants
Unlimited resources and unlimited wants
Scarce resources and limited wants
What are the causes of the economic problem?
Limited Wants, Unlimited Means, Single Use
Unlimited Wants, Limited Means, Alternative Uses
Unlimited Wants, Unlimited Means, Alternative Uses
Limited Wants, Limited Means, Alternative Uses
What is the central problem of an economy related to?
When to Produce and Where to Produce
What to Produce and How Much to Produce
Why to Produce and Who will Produce
How to Produce and How to Sell
What does the Production Possibility Curve show?
Different combinations of goods that can be produced with unlimited resources
Different combinations of goods that can be produced with given resources
Different combinations of goods that can be produced with limited technology
Different combinations of goods that can be produced with unlimited technology
What is the solution to achieving fuller utilization of resources?
Underutilization of resources
Efficient utilization of resources
Overutilization of resources
Fuller as well as efficient utilization of resources
In a centrally planned economy, the central problems are solved by:
Market forces
Foreign investments
Government planning
Private enterprises
What does a Capital Intensive Technique focus on?
Utilizing more capital than labor
Utilizing more labor than capital
Utilizing only human resources
Utilizing only natural resources
What is the main characteristic of resources that leads to central problems?
Abundance and limited wants
Abundance and unlimited wants
Scarcity and unlimited wants
Scarcity and limited wants
What is the purpose of the Production Possibility Curve?
To show the maximum production capacity of an economy
To show the optimal distribution of resources
To show the different combinations of goods that can be produced
To show the demand-supply equilibrium
How does a Mixed Economy solve the central problems?
Through government intervention only
Through a combination of government intervention and market forces
Through international trade agreements
Through market forces only
What is the economic problem essentially a problem of?
Labor
Resources
Choice
Technology
What is the problem of growth and distribution of resources related to?
Utilization of resources
Allocation of resources
Consumption of resources
Production of resources
What is the economic problem arising from the necessity of?
Choice
Innovation
Competition
Regulation
What does the economic problem involve the use of?
Abundant resources
Scarce resources
Natural resources
Unlimited resources
What is the problem of husbandry of resources related to?
Optimal utilization of resources
Overexploitation of resources
Abundance of resources
Wastage of resources
