Explore Economic Principles Quiz
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Questions and Answers

What is the basic economic problem resulting from unlimited wants and limited resources?

  • Overabundance
  • Scarcity (correct)
  • Abundance
  • Surplus

Which of the following is not considered a factor of production?

  • Land
  • Technology (correct)
  • Capital
  • Labour

What does opportunity cost refer to?

  • The next best alternative given up when choosing another item (correct)
  • The cost of essential goods and services
  • The cost of luxury goods and services
  • The total cost of all available alternatives

What does the term 'specialization' refer to in economics?

<p>Focusing on a specific task or skill in production (D)</p> Signup and view all the answers

What is the risk-taking ability of an entrepreneur referred to as?

<p>Enterprise (A)</p> Signup and view all the answers

Specialization in economics refers to the concentration of productive efforts on a specific task or a narrow range of tasks.

<p>True (A)</p> Signup and view all the answers

Opportunity cost is the cost of an opportunity that is currently being pursued.

<p>False (B)</p> Signup and view all the answers

Land, labor, capital, and enterprise are the four factors of production.

<p>True (A)</p> Signup and view all the answers

Scarcity is the result of limited resources and unlimited wants.

<p>True (A)</p> Signup and view all the answers

Entrepreneurship is the factor of production that involves the risk-taking ability of an individual.

<p>True (A)</p> Signup and view all the answers
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