Practice Importance (3.2) - Introduction to Economics - IB 10 Individuals & Societies

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10 questions

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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.
What does scarcity mean?
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Think about resources that are not always available.
Question 2.
Define opportunity cost.
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What do you lose when you choose something else?
3Question 3.
What is defined as the limited availability of resources while human wants are infinite?
- Supply
- Scarcity
- Demand
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It makes decision-making difficult.
4Question 4.
Opportunity cost refers to:
- True
- False
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Think about what you give up.
Question 5.
Given a limited budget, a government needs to decide whether to invest in renewable energy or healthcare advancements. Analyze the opportunity costs involved in each decision.
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Consider the impact of each choice on society.
Question 6.
Compare and contrast how a market economy and a planned economy would address the question of 'for whom to produce?'.
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Think about who influences production decisions.

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