UNIT 1 ECONOMICS MYP

Question 1

Opportunity cost is the cost measured in terms of the next best option given up when ,aking a decision

Accepted Answer

True

Question 2

Which of the following resources are included in the factor of production known as land?

Accepted Answer

Natural resources, renewable and non-renewable resources

Question 3

What is meant by the basic economic problem?

Accepted Answer

Humans have needs & wants and there aren't enough resources to satisfy them

Question 4

Which of the following business sectors is usually considered to be a subsection of the tertiary sector?

Accepted Answer

Quaternary

Question 5

Which of the following is not a characteristic of planned economy?

Accepted Answer

Efficiency

Question 6

When people change their behavior to obtain some kind of reward, they are said to respond to incentives.

Accepted Answer

True

Question 7

Which of the following is a disadvantage of a market system?

Accepted Answer

Environmental issues

Question 8

Marginal analysis that assumes that people make their decisions by weighing the additional benefits against

Accepted Answer

True

Questions 8