Economics is a study that helps us to identify how to maximize the output we get from our scarce resources and meet the needs of our clients or our own needs. Do you wish to test your knowledge about economics? Take up the quiz below and get to find out for sure by choosing the correct choice to the questions. All the best!
The ability to make something using fewer resources than other producers
Is subjective
Requires Time
Requires Information
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Sunk Cost
Oppurtunity Cost
Capitalism
Advantage
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Cost that has been incurred
Oppurtunity cost of a company
The ability to make something at a lower oppurtunity cost then other producers
Ability to use fewer resources
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Rent
Sell
Use
All of the Above
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Incurred and cannot be recovered
Affecting economic decisions
Varying with circumstances
None of the Above
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Cost that has been incurred
Using fewer resources than other producers
Advantatges over other producers
The individual firm, religon,or country with the lowest oppurtunity cost if producing a particular good should speacialize in that good
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Absolute Advantage
Comparative Advantage
Sunk Cost
None of the Above
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Barter
Exchange
Trade
None of the above
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