09 Economics 2

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1.
1 point
Which of the following definitions best describes the concept of opportunity cost:
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 what production is:
3.
1 point
Which needs and wants will be satisfied depends on which of following:
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:
5.
1 point
Which is the most true for the law of demand:
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:
7.
1 point
Which of the following is most true for the law of supply:
8.
1 point
In economics a resource is:
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:
10.
1 point
The basic economic problem is that: