Quiz 1 Among the Following, what is not considered as ‘land’ in Economics? Sea grasses on the sea bed Communications Tower of a Company Fertility of soil Rocks on a mountain What is meant by consumption? Slaughtering of goats by a farmer Using up of goods and services to satisfy wants Riding a car safely Supplying goods and services Among the following, what is not considered as an economic activity? Fishing Banking Aishath helping her brother with his assignments Agriculture What does ‘economizing’ mean? Making the best use of available resources. Helping those in need. Saving as much as we can. Producing goods and services What is a production possibility curve? The combination of different prices and the respective quantities demanded. A graphical representation of a combination of two goods/services that a country can produce with a given amount of resources. it is known as the ‘next best alternative’. When we do not have enough resources, we are forced to make choices. What is ‘Opportunity Cost’? Unlimited Wants. The next best alternative to a chosen item. The money value of a product. The most desired item. “Economics is a science which studies human behavior as a relationship between ends and scarce means, which have alternative uses.” Whose words are these? Lionell Robbins Mohamed Amir APJ Abdul Kalaam Adam Smith What is an economic good? Anything that has money value. Anything that is scarce. Commercial and non-commercial goods. Resource Allocation. It actually means that the available quantity is not enough to satisfy our wants. What are the factors of production? Land, Labour, Capital and Entrepreneur Manager, People, Raw materials and Water. Labour, Manager, Machinery and People. Factory, Raw Materials, People and Electricity What is meant by capital? Natural resources. Stock of finished goods. Investment given to the business by the owner. price of capital is usually the interest payments. Loading … Question 1 of 10
iam very happy of scoring a results in economics
very very gud
good job
I scored 90 out of 100. Thanks you 😀
Very interesting to enjoy economic quiz