Take the quizz on Opportunity cost, Scarcity and Resources.
Q.no 1. If a government spends more on defense, it must spend less on healthcare. This illustrates: a. Scarcity only b. Choice only c. Both scarcity and opportunity cost d. Neither scarcity nor opportunity cost
Q.no 2. A student chooses to study for 2 extra hours instead of sleeping. The opportunity cost is: a. The knowledge gained from studying b. The rest and energy lost by not sleeping c. The time spent studying d. The tuition fees paid
Q.no 3. The opportunity cost of an action is: a. All the possible alternatives that could have been chosen b. The highest-valued alternative that must be given up c. The monetary cost of the action d. The total cost of all alternatives
Q.no 4. Scarcity forces individuals and societies to: a. Ignore their wants b. Make choices c. Print more money d. Increase production without limits
Q.no 5. What to produce, how to produce it, and for whom to produce it are fundamental questions that arise because of: a. Opportunity cost b. Scarcity c. Microeconomics d. Macroeconomics
Q.no 6. The fundamental economic problem that all societies face is: a. Inflation b. Unemployment c. Scarcity d. Inequality
Q.no 7. Scarcity is best defined as: a. A temporary shortage of a particular good in the market b. The condition in which human wants are forever greater than the available supply of resources at zero price c. The inability of poor people to afford goods d. The unequal distribution of income in society
Q.no 8. Which of the following is NOT classified as a resource (factor of production) in economics? a. Land b. Labor c. Money d. Capital
Q.no 9. Which factor of production is considered "passive" because it cannot produce anything on its own? a. Labor b. Entrepreneurship c. Land and Capital d. Only Land
Q.no 10. Which of the following is TRUE about resources in economics? a. All resources are unlimited in supply b. Only natural resources are unlimited c. All resources are limited (scarce) d. Human-made resources can be made unlimited
Economics lens has developed a course on Microeconomics. The syllabus, including the course objectives, modules, and recommended reading list, will be discussed in the first lecture of the Microeconomics playlist.
This course will be highly beneficial for students of Economics, Business, Public Administration, Commerce, and Finance.
Please share this platform as widely as possible so that more students can benefit from these resources.
Economics Lens
Take the quizz on Opportunity cost, Scarcity and Resources.
Q.no 1. If a government spends more on defense, it must spend
less on healthcare. This illustrates:
a. Scarcity only
b. Choice only
c. Both scarcity and opportunity cost
d. Neither scarcity nor opportunity cost
Q.no 2. A student chooses to study for 2 extra hours instead of sleeping. The opportunity cost is:
a. The knowledge gained from studying
b. The rest and energy lost by not sleeping
c. The time spent studying
d. The tuition fees paid
Q.no 3. The opportunity cost of an action is:
a. All the possible alternatives that could have been chosen
b. The highest-valued alternative that must be given up
c. The monetary cost of the action
d. The total cost of all alternatives
Q.no 4. Scarcity forces individuals and societies to:
a. Ignore their wants
b. Make choices
c. Print more money
d. Increase production without limits
Q.no 5. What to produce, how to produce it, and for whom to produce it are fundamental questions that arise because of:
a. Opportunity cost
b. Scarcity
c. Microeconomics
d. Macroeconomics
Q.no 6. The fundamental economic problem that all societies face is:
a. Inflation
b. Unemployment
c. Scarcity
d. Inequality
Q.no 7. Scarcity is best defined as:
a. A temporary shortage of a particular good in the market
b. The condition in which human wants are forever greater than the available supply of resources at zero price
c. The inability of poor people to afford goods
d. The unequal distribution of income in society
Q.no 8. Which of the following is NOT classified as a resource (factor of production) in economics?
a. Land
b. Labor
c. Money
d. Capital
Q.no 9. Which factor of production is considered "passive" because it cannot produce anything on its own?
a. Labor
b. Entrepreneurship
c. Land and Capital
d. Only Land
Q.no 10. Which of the following is TRUE about resources in economics?
a. All resources are unlimited in supply
b. Only natural resources are unlimited
c. All resources are limited (scarce)
d. Human-made resources can be made unlimited
#Microeconomics #EconomicsMCQs #Scarcity #OpportunityCost #Resources #EconomicsQuiz #LearnEconomics #RashidAli
4 days ago | [YT] | 0
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Economics Lens
Dear Students,
Economics lens has developed a course on Microeconomics. The syllabus, including the course objectives, modules, and recommended reading list, will be discussed in the first lecture of the Microeconomics playlist.
This course will be highly beneficial for students of Economics, Business, Public Administration, Commerce, and Finance.
Please share this platform as widely as possible so that more students can benefit from these resources.
Thank you for your cooperation.
Economics Lens
3 weeks ago | [YT] | 0
View 0 replies