Short Quiz

Question 1 of 5

A student spends pocket money on snacks instead of saving it for shoes. Which concept does this situation illustrate?

A A need B The problem of choice C A market D An economic system

Select one option. Answers are shown after the test.

Question 2 of 5

This is the value of the wheat a farmer gives up in order to grow more barley on the same piece of land. Which concept is being described?

A A factor of production B Opportunity cost C A market D An economic entity

Select one option. Answers are shown after the test.

Question 3 of 5

What are resources, as defined in the chapter?

A The factors used for the production of goods and services B Only money kept in a bank C Only land owned by farmers D A type of economic system

Select one option. Answers are shown after the test.

Question 4 of 5

Match the following items given in Column A with those in Column B, and choose the correct option:

Column A
(i) Need
(ii) Want
(iii) Preference
(iv) Problem of choice

Column B
(a) What a person chooses to have
(b) Deciding how to allocate limited resources
(c) Essential for survival
(d) Not essential, but improves quality of life

A i-c, ii-d, iii-a, iv-b B i-d, ii-c, iii-b, iv-a C i-c, ii-a, iii-d, iv-b D i-b, ii-d, iii-a, iv-c

Select one option. Answers are shown after the test.

Question 5 of 5

In the chapter's example, what is the opportunity cost of a farmer choosing to grow more barley on the same land?

A The extra labour hired B The wheat that is given up C The cost of seeds D The rent paid for the land

Select one option. Answers are shown after the test.

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