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MCQs

Total Questions : 874 | Page 87 of 88 pages
Question 861. A _____ economy's government makes all of the major economic decisions
  1.    traditional
  2.    mixed
  3.    market
  4.    command
 Discuss Question
Answer: Option D. -> command
Question 862. This type of economy discourages new ideas and new ways of doing things
  1.    traditional
  2.    market
  3.    mixed
  4.    command
 Discuss Question
Answer: Option A. -> traditional
Question 863. The thing that you give up (the next best alternative) when you make a decision is known as
  1.    Opportunity Cost
  2.    Scarcity
  3.    Incentive
  4.    Choice
 Discuss Question
Answer: Option A. -> Opportunity Cost
Question 864. Man-made resources used in the production process i
  1.    Labour
  2.    Capital
  3.    Household
  4.    Revenue 
 Discuss Question
Answer: Option B. -> Capital
Question 865. The resources required to make a product (good or service)
  1.    economics
  2.    consumption
  3.    four factors of production
  4.    scarcity
 Discuss Question
Answer: Option C. -> four factors of production
Question 866. The study of resources such as money, materials, and labor
  1.    economics
  2.    services
  3.    producers
  4.    goods
 Discuss Question
Answer: Option A. -> economics
Question 867. The majority of the least developed countries can be found on which continent?
  1.    Africa
  2.    Asia
  3.    Europe
  4.    South America
 Discuss Question
Answer: Option A. -> Africa
Question 868. A person or organization that uses a product or service is a(n):
  1.    consumer
  2.    economist
  3.    loan shark
  4.    debtor
 Discuss Question
Answer: Option A. -> consumer
Question 869. Economic System where there is limited technology and ideas are passed down from generation to generation
  1.    Command
  2.    Traditional
  3.    Mixed
  4.    Market
 Discuss Question
Answer: Option B. -> Traditional
Question 870. Basic things humans need to survive
  1.    need
  2.    want
  3.    import
  4.    demand
 Discuss Question
Answer: Option A. -> need

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