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Pre-Lesson Unit 1 Quiz 1 Flashcards | StudBud

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Which of the following is a free good?

What are the four factors of production?

Pre-Lesson Unit 1 Quiz 1

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IB Economics - Pre-Lesson Unit 1 Quiz 1

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Questions 10

Answers

1
What are the four factors of production?
Agriculture, machinery, service and money
Land, labour, forests and entrepreneurship
Land, labour, capital and entrepreneurship
Infrastructure, capital, tools and raw materials
2
Which of the following is a free good?
Sea Water
Slippers
Sandcastle
Swimming Costume
3
Which is NOT a basic economic question?
For whom to produce
How to produce
When to produce
What to produce
4
A potential opportunity cost of attending university after completion of the IB diploma for most students might be:
Attending college for Masters program
The income that could have been earned at a job
Getting a job
Returning to middle school
5
A good that is limited in supply is a/an
Public Good
Economic good
Private Good
Free Good
6
Which diagram is used to illustrate the concept of opportunity cost?
production possibilty curve diagram
demand & supply diagram
circular flow of income diagram
poverty trap diagram
7
What is the fundamental problem of economics?
Demand
Supply
Shortage
Scarcity
8
An item required for survival
Luxuries
Necessities
Wants
Needs
9
Which of the following is a positive economic statement?
The citizens of UK are happier than the citizens in France
The UK has a higher per capita GDP than France
The UK is richer than France
The UK offers more opportunities to make money than France
10
Which of the following is NOT a key concept in IB Economics?
equity, economic well-being, sustainability,
change, interdependence, intervention
choice, equality, intervention),
scarcity, choice, efficiency