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09 Economics 2
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1.
1 point
Which of the following definitions best describes the concept of opportunity cost:
using your pocket money to buy a video game instead of a DVD
getting a job instead of going to school
all of the above
the cost of using resources to produce one item instead of another
2.
1 point
If a farmer increased apple production from 10 cartons to 20 cartons and as a consequence the farmer’s wheat production fell from 10 tonnes to 8 tonnes, the opportunity cost of increasing the apple production is:
the work time involved with growing more apples
10 cartons of apples
the money spent growing the extra apples
2 tons of wheat
3.
1 point
Which needs and wants will be satisfied depends on which of following:
the marketplace
how much money a person has and what the product is
suppliers willingness to sell and the consumers to buy
the consumers willingness to buy and ability to buy
4.
1 point
As resources are limited, communities need to look at how to best allocate resources to satisfy the needs and wants of its citizens. This refers to:
the law of elasticity
opportunity cost
scarcity
the economic problem
5.
1 point
Which is the most true for the law of demand:
people will buy more items if the product is scarce and hold more value
producers will make more profits by offering a higher number of items for sale
people will buy more of a product at a lower price than at a higher price
producers will maximise profits by producing less products to sell at a higher price
6.
1 point
When making economic decisions, people need to consider what they need to give up in order to satisfy a particular want. This refers to:
scarcity
the factors of production
opportunity cost
the economic problem
7.
1 point
Which of the following is most true for the law of supply:
as price increases, suppliers will offer less products to maximise profits
if less products are made, the supplier must increase the price to maximise profits
as the price of a good increases, suppliers will attempt to maximise profits by increasing the quantity of product sold
as price decreases, people will buy more products
8.
1 point
In economics a resource is:
something that has been taken out of the ground
anything that people use to satisfy their needs and wants
a naturally occurring object
produced by workers and managers
9.
1 point
A shopper at Woolworths wants to buy a 24 pack carton of Coke but notices that Fanta on special for $4 less than the price of Coke. The consumer decides to purchase the carton of Fanta instead. The opportunity cost is:
Woolworths
the carton of Coke
the carton of Fanta
the $4 price difference
10.
1 point
The basic economic problem is that:
people do not always earn enough money to satisfy their needs
peoples wants are unlimited and resources are limited
some resources are more scarce than others
not everyone has enough money to satisfy their wants
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