Answer these 20 Scarcity, Trade-Offs, and Production Possibilities MCQs and see how sharp is your knowledge of Scarcity, Trade-Offs, and Production Possibilities.
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A. Products
B. Production
C. Consumption
D. Consumers
A. Market
B. Government
C. Consumer
D. Producer
A. Producer
B. Consumer
C. Product
D. Market
A. Factor markets
B. Product Markets
C. Competitive market
D. Free market
A. Increasing opportunity cost
B. Decreasing opportunity cost
C. Constant opportunity cost
D. Variale opportunity cost
A. Large
B. Medium
C. Small
D. Little
A. Mixed Economy
B. Market Economy
C. Command economy
D. Planned economy
A. Mixed Economy
B. Market Economy
C. Command economy
D. Planned economy
A. True
B. False
A. Product Markets
B. Competitive market
C. Free market
D. Imperfect market
A. Inputs
B. Payments
C. Goods
D. All of these
A. Socialist
B. Mixed
C. Market
D. Command
A. Socialist
B. Mixed
C. Market
D. Command
A. Capital-free
B. Labor-free
C. Capital-intensive
D. Labor-intensive
A. Capital
B. Labor
C. Wages
D. Services
A. Payments
B. Services
C. Goods
D. Wages
A. Firms
B. Households
C. Governments
D. Tenants
A. Marketers and developers
B. Rulers and subjects
C. Governments and firms
D. Households and firms
A. Diagonally
B. Upward
C. Clockwise
D. Horizontally
A. An efficient economy
B. An inefficient economy
C. An opportunity cost
D. An economic impossibility
A. Shift outward
B. Shift inward
C. Go from a bowed curve to a straight line
D. Contain more points but not move
A. Unregulated
B. Inefficient
C. At full productivity
D. At full employment
A. Waste
B. Shortages
C. Efficiency
D. Growth
A. Trade-offs disappear
B. Scarcity still exists
C. Efficiency is impossible to attain
D. Consumer investment has been high
A. Most people worked in customer service
B. Only three percent of the people worked on farms
C. Agriculture accounted for most jobs
D. Manufacturing accounted for most jobs
A. Machines and equipment
B. Education and training
C. Factories and warehouses
D. Televisions and sofas