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Basic Economic Questions and Goals Quiz

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Questions and Answers

What is the main focus of the basic economic question 'what to produce'?

Determining the quantity of goods and services to produce
Deciding the target market for the goods and services
Selecting the technology used in production
Identifying the demands for goods and services (correct)

Which economic goal emphasizes the fair distribution of wealth?

Economic Equity (correct)
Economic Efficiency
Economic Freedom
Economic Growth and Innovation

What does economic security primarily ensure?

Fair distribution of wealth
Availability of goods and services when needed (correct)
Freedom from government intervention
High standard of living

Which basic economic question involves determining the technology used in production?

How to produce (C) Signup and view all the answers

What is an essential aspect of economic growth and innovation?

Using new ideas and ways to create goods and services (A) Signup and view all the answers

What defines poverty?

A state or condition in which a person lacks financial resources and essentials for a minimum standard of living (A) Signup and view all the answers

What is poverty?

The condition where the population is unable to meet its basic subsistence needs (C) Signup and view all the answers

What is income inequality?

The uneven distribution of wealth in a population (A) Signup and view all the answers

What is unemployment?

An individual who is not employed and is seeking employment but cannot find work (A) Signup and view all the answers

What are the effects of poor infrastructure in schools?

Adverse impact on academic performance, rights to education, safety, and health of learners and teachers, as well as drop out rates and teachers retention rates (B) Signup and view all the answers

What is corruption?

The abuse of entrusted power for private gain (C) Signup and view all the answers

What does income inequality refer to?

Uneven distribution of wealth in a population (A) Signup and view all the answers

How is poverty defined?

Inability to meet basic subsistence needs (D) Signup and view all the answers

What are the effects of income inequality?

Exacerbated inequality, poverty, social division, environmental crisis (A) Signup and view all the answers

What does poor quality of infrastructure in schools include?

Dilapidated classrooms, pit toilets and other damaged school infrastructure (C) Signup and view all the answers

What is the impact of corruption?

Weakened democracy, hampered economic development, exacerbated inequality, poverty, social division, environmental crisis (D) Signup and view all the answers