Practice Introduction (1) - Introduction - CBSE 12 Introductory Microeconomics

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10 questions

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4 cards from this section. Quick, good the night before a test.
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6 questions · about 4 min · pass mark 70%. Hints available.
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Quiz
4 questions · about 3 min · pass mark 70%. Hints available.
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6 sample questions

Question 1.
Define goods and services.
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Think about what you can touch versus what someone does for you.
Question 2.
What is scarcity?
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Consider how much you want versus what you can have.
3Question 3.
What does scarcity create in an economy?
- Unlimited resources
- The need for choices
- More goods than services
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Think about why choices are necessary.
4Question 4.
True or False: All individuals in society have unlimited resources.
- True
- False
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Consider the balance between wants and available resources.
Question 5.
Imagine you are a government official tasked with allocating a limited budget. You can either invest in education or military. Discuss the opportunity costs of choosing one over the other and how it could affect long-term societal welfare.
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Consider the long-term effects of each choice.
Question 6.
Analyze a real-life scenario where a local business must choose between hiring more staff or investing in new machinery. What are the opportunity costs of their decision?
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Reflect on how businesses prioritize between labor and capital.

6 more questions in this section. Enroll free to practise them all.