Homework 1 - test
Quiz by Gulzhan Markabayeva
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- Q1
Which one of the following is a factor of production?
Manufacturing
Land
Profit
Wages
120s - Q2
Which one of the following is part of the economic problem of scarcity?
What to produce
Whether to produce
Where to produce
When to produce
120s - Q3
Which one of the following may result in economic growth?
Decreasing government spending
Increasing unemployment
Increasing technological advancements
Decreasing productivity
120s - Q4
Which one of the following is an example of an economic want?
Education
Shelter
Water
Food
60s - Q5
Land can be described as which one of the following?
A market failure
A variable cost
A factor of production
A diseconomy of scale
120s - Q6
Which one of the following is the term for the next best alternative given up when a choice is made?
Opportunity cost
Spare capacity
Business competition
Capital investment
120s - Q7
Which one of the following is a factor of production?
Gym workout
Enterprise
Taxation
Restaurant meal
120s - Q8
Which of the following questions is associated with the basic economic problem?
What to produce?
When to produce?
Who should produce?
Where should production be located?
120s - Q9
Which of the following questions is NOT associated with the basic economic problem?
How to produce?
Where to produce?
For whom to produce?
What to produce?
120s - Q10
Which one of the following might be considered a need rather than a want?
Smartphone
Pet dog
Holiday
Shelter
120s - Q11
Without limits (1 word)
Users enter free textType an Answer120s - Q12
Economics is a social science concerned chieflywith description and analysis of the production, distribution and consumptionsof good and services.
truefalseTrue or False60s - Q13
Which of the following questions is NOT key economic players?
Businesses
Stock exchange
Individuals
Government
120s