Economics Practise quiz

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1.
1 point
What is Scarcity? Slide3 Page 1
2.
1 point
The Command approach is?

slide 18 page 6
3.
1 point
A free market approach is ?

Slide 18 Page 6
4.
1 point
Opportunity cost is

Slide 5 Page 2
5.
1 point
The most common Economic system found in the world is?

mentioned in class
6.
1 point
Resources are used to produce goods and services and can be classified into these groups?

Slide 4 Page 2
7.
1 point
True or False?
Capital is not Savings

Not in Slides but mentioned in Class!!!!!
8.
1 point
in a production possibility curve what does an option below the curve represent?

This was mentioned in class
9.
1 point
The Law of Diminishing returns is ?

Slide 16 Page 6
10.
1 point
Direct cost is?

Slide 5 Page 2
11.
1 point
What is Economics? Slide 3 page1
12.
1 point
What is economics as a science?

Slide 22 Page 7
13.
1 point
what is a production possibilities curve?

Slide 7 Page 3