9th Grade Economics Chapter 1 Quiz
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Questions and Answers

What is the basic economic problem?

  • Scarcity of resources relative to human wants (correct)
  • Overabundance of resources leading to waste
  • Equal distribution of resources among all individuals
  • Excessive wealth among the population

    • What is the opportunity cost of a decision?

  • The future benefits of the chosen alternative
  • The value of the next best alternative foregone (correct)
  • The total cost incurred in making a decision
  • The initial investment required for the decision

    • What is the role of an entrepreneur in the economy?

  • Providing financial assistance to consumers
  • Ensuring equal distribution of wealth
  • Organizing and managing the factors of production (correct)
  • Regulating the flow of money in the market

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