Which of these factors contribute to a person's material living standards?

The income they earn from their job

What is a trade-off of buying a can of pepsi at the canteen?

The coffee you could have bought instead

A country operating at a point on their PPF is.....

Using their resources efficiently

Opportunity cost is....

The value of the next best option foregone

A positive statement is.....

One that can be tested as true or false

Economics studies......

The choices made by individuals, businesses and governments

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Economics: The Basics

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Questions 20

Answers

1
An example of a normative statement is.....
2 people are absent from class today
All of the above
You are the tallest person in the room
Economics is the best subject
2
Moving from one point on the PPF to another demostrates the concept of.....
Technical Efficiency
Normative Economics
Opportunity Cost
Unemployment
3
An example of a labour resource is.....
Viewbank College
The Prime Minister
Microsoft
All of the above
4
Which of the following is considered a 'want'?
water
healthcare
food
wifi
5
An example of a service is ...
Teaching
Gardening
All of the above
Cooking
6
Which of the following are considered 'unlimited'?
Wants
Needs
Resources
All of the above
7
Which of the following is not a natural resource?
A river
Cereal
Wheat
The sun
8
Which of these factors contribute to a person's material living standards?
Living in a democracy
How much leisure time they have
The income they earn from their job
Their personal health and fitness
9
The basic economic problem is:
Shortages
Poverty
Scarcity
Abundance
10
What is a trade-off of buying a can of pepsi at the canteen?
The detention you got for drinking it in class
All of the above
The $3.50 it cost to buy
The coffee you could have bought instead
11
A country operating at a point on their PPF is.....
Achieving allocative efficiency
All of the above
Experiencing wastage or spare capacity
Using their resources efficiently
12
What are the two main sectors represented in the two sector circular flow model of the economy?
Government and Individuals
Hourseholds and Businesses
Government and Businesses
Households and Government
13
Opportunity cost is....
All of the above
The alternative choices to a decision
The cost of a good or service
The value of the next best option foregone
14
A positive statement is.....
One that is true
One that is based on opinion
One that is false
One that can be tested as true or false
15
Which of the following is not a capital resource?
The desk you're sitting at
Your teacher
This classroom
Your laptop
16
An example of an enterprise resource is....
Samsung
Elon Musk
All of the above
Coca Cola
17
Which of theses is not one of the 3 fundamental economic questions?
How to produce
What to produce
For whom to produce
Where to produce
18
Economics studies......
Experiments performed in a lab
How much income the government earns from taxes
The choices made by individuals, businesses and governments
Which professions earn the most money
19
'Capital' in economics is...
Things like buildings and machinery
Manufactured resources
All of the above
Man-made tools and equipment
20
Macroeconomics looks at.....
Individual firms, industries or markets
A whole economy or nation
The whole world
Issues that affect the government

Economics: The Basics Flashcards | StudBud