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WorksheetsQuiz 1: ECO1104
Total questions: 20
Worksheet time: 10mins
Which of the following are NOT consider as economic resources?
Capital resources such as machinery and equipment.
Natural resources such as river water.
Financial resources such as saving money in banks.
Human resources like carpenters.
The opportunity cost for free goods is zero because
the supply is unlimited.
the usefulness of the goods is limited.
the goods are provided by the state for free.
the goods do not give satisfaction to the consumer.
Economic goods are goods that
the supply is limited.
its opportunity costs are increasing.
subject to the principle of exception.
Profitable to manufacturers.
Public goods are
goods that involve high cost.
goods that have a high opportunity cost.
Goods provided by the state for free.
Goods whose use is not subject to the principle of exception.
The basic economics problems are caused by
economic resources are fixed.
the level of technology is fixed.
not all human will can be fulfilled.
economic resources cannot be used efficiently.
A good has a opportunity cost when
the supply is unlimited.
relatively is not enough.
provide satisfaction to consumers.
provided by the state.
The production possibilities curve is drawn based on the following assumptions EXCEPT
economic resources are fixed.
the level of technology is fixed.
consumer tastes have not changed.
all economic resources are used efficiently.
Which of the following is assumed to be unchanged in the publication of the production possibility curve?
Capital stocks.
Inflation rate.
Unemployment rate.
The supply of money in the economy.
The choice of society about the type of goods to be produced will determine
income distribution pattern.
patterns of allocation of economic resources.
methods of production of such goods.
the number of goods produced.
Which basic economic problem is related to for whom are the goods produced?
Selection of production techniques.
Consumer needs and the welfare of society.
The market equilibrium of the goods.
Distribution of income and consumer affordability.
The figure shows the AB Production Probability Curve of an economy.
The opportunity cost of producing more X items is increasing.
The opportunity cost of producing more X items is decreasing.
The opportunity cost of removing more X items is constant.
The opportunity cost of removing more X items is getting and then decreasing.
Any point below the production possibilities curve is considered inefficient because
the cost of production is not at a minimum.
the opportunity cost of increasing the production of a good is increasing.
the production methods used are labour-intensive and not use capital-intensive.
additional production of a good can still be produced without reducing the production of other goods.
The figure below shows AB is the production possibility curve of a country.
The more Y is produced, the opportunity cost of Y is zero.
The more Y is produced, the opportunity cost of Y is constant.
The more Y is produced, the opportunity cost of Y is declining.
The more Y is produced, the opportunity cost of Y is increasing.
Which of the following will shift the production possibilities curve from left to right?
Reduction of the unemployment rate in the country.
The abolition of the import tax on consumer goods.
Reduction of government spending.
The arrival of foreign labour is increasing.
In a mixed economic system, the problem of lack of resources is solved by
allocate economic resources to maximize profits.
price mechanisms and government intervention.
pricing and planning.
interaction between the power of supply and demand of market.
Which of the following is not true about the central planning economic system?
The price of goods is an indicator to solve basic economic problems.
Consumers choices are affected.
The government determines the price of output and the distribution of output in the economy.
The fundamental problems of the economy are solved through government decisions.
Basic economic problems are solved in the central planning economic system through
price mechanism.
the way the government makes economic decisions.
cooperation of the public sector and the private sector.
the provision of subsidies by the state to the poor.
Which of the following is not a weakness of the capitalist economic system?
The bureaucracy of the government.
The income distribution is not equivalent.
Failure to provide public goods.
The existence of a wasteful monopoly.
The problem "what to produce" is solved in the mixed economic system with
The government will produce public goods while the private sector will produce private goods.
The government subsidizes the private sector to produce public goods and private goods.
the government produces necessity goods, the private sector manufactures luxury goods.
The government subsidizes the use of public goods, private sector produces private goods.
The uniqueness of the Islamic economic system is as follows EXCEPT
A system that is not a human invention.
healthy competition.
consumers and manufacturers play a role according to Islamic principles.
freedom of ownership of property through riba.
