#1
Which of the following is considered a scarce economic resource?
#2
What type of expenditure is the purchase of machinery for a factory?
Consumption expenditure
Investment expenditure
Government expenditure
Revenue expenditure
#3
Which of the following is NOT a factor of production?
#4
What type of expenditure is payment for the salaries of government employees?
Consumption expenditure
Investment expenditure
Government expenditure
Revenue expenditure
#5
Which of the following is NOT a characteristic of a capital resource?
Man-made
Used to produce goods and services
Unlimited availability
Enhances productivity
#6
What type of expenditure is the purchase of raw materials by a manufacturing company?
Consumption expenditure
Investment expenditure
Government expenditure
Revenue expenditure
#7
Which of the following is a characteristic of a public good?
Excludability
Rivalry in consumption
Non-excludability
Exhaustibility
#8
What does the term 'opportunity cost' refer to in economics?
The cost of producing one additional unit of a good
The cost of a good or service that is forgone to obtain something else
The cost of labor in production
The cost of capital investment
#9
Which of the following is an example of a positive externality?
Pollution from a factory
A beekeeper's bees pollinating nearby farms' crops
Noise pollution from a construction site
Traffic congestion during rush hour
#10
In economics, what does 'GNP' stand for?
Gross National Product
Gross Net Profit
General National Production
Gross National Price
#11
Which of the following is an example of a negative externality?
Public education
Vaccination programs
Air pollution from a factory
Subsidized healthcare
#12
In economics, what does 'CPI' stand for?
Consumer Price Index
Cost Per Item
Consumer Purchasing Indicator
Current Price Index
#13
Which of the following best describes the concept of 'elasticity of demand'?
The measure of responsiveness of quantity demanded to a change in price
The measure of responsiveness of quantity demanded to a change in income
The measure of responsiveness of supply to a change in price
The measure of responsiveness of supply to a change in income
#14
What is the formula for calculating price elasticity of demand?
Percentage change in quantity demanded / Percentage change in price
Percentage change in price / Percentage change in quantity demanded
Total change in quantity demanded / Total change in price
Total change in price / Total change in quantity demanded
#15
What is the formula for calculating total revenue?
Price × Quantity Demanded
Price × Quantity Supplied
Quantity Demanded / Price
Quantity Supplied / Price
#16
What is the formula for calculating marginal cost?
Change in total cost / Change in quantity
Change in quantity / Change in total cost
Total cost / Change in quantity
Change in quantity / Total cost
#17
What is the formula for calculating average revenue?
Total revenue / Quantity sold
Price × Quantity sold
Quantity sold / Total revenue
Quantity sold / Price