WorksheetsEconomics Quiz: Scarcity and Choice
Total questions: 15
Worksheet time: 8mins
What is the definition of economics?
A science that studies the Earth's physical structure
A social science that studies how people with limited resources make choices
A branch of mathematics dealing with numbers and calculations
A study of ancient civilizations and their cultures
Which of the following is NOT a factor of production?
Capital
Land
Labour
Technology
What is the reward for the use of land in production?
Rent
Interest
Wages
Profit
What is the opportunity cost?
The financial cost of a decision
The price of the item we choose to buy
All the other things we could have done with our resources
The total cost of production
Which factor of production is associated with wages?
Land
Labour
Capital
Enterprise
What is a need?
An item that is scarce and expensive
A luxury item that improves quality of life
Something essential for survival or important in daily life
Something we would like to have but is not essential
What is the reward for enterprise?
Interest
Wages
Profit
Rent
What does scarcity imply in economics?
Resources are abundant and unlimited
Resources are only available to the wealthy
Resources are evenly distributed among all people
Resources are limited and have alternative uses
What is the economic term for the greatest benefit or satisfaction from limited resources?
Utility
Scarcity
Opportunity cost
Financial cost
Which of the following is an example of a want?
Shelter
A new mobile phone
Clothing
Food
What is the reward for the use of capital?
Rent
Wages
Interest
Profit
What must be done due to the scarcity of resources?
Increase the supply of all resources
Ignore the needs and wants of people
Make choices about resource allocation
Produce unlimited goods and services
What is a rational choice?
A choice where expected losses outweigh expected gains
A choice made without considering the consequences
A choice that offers the greatest benefit to the greatest number of people
A choice based on emotions rather than logic
Which of the following is NOT a characteristic of economic resources?
They have alternative uses
They have value
They are scarce
They are unlimited in supply
What is the financial cost?
The price of the item we choose to buy
The cost of producing goods and services
The total cost of all possible choices
The cost of resources not used
