Ecs1501 - Study Unit 1 -test

Reviewed by Editorial Team
The ProProfs editorial team is comprised of experienced subject matter experts. They've collectively created over 10,000 quizzes and lessons, serving over 100 million users. Our team includes in-house content moderators and subject matter experts, as well as a global network of rigorously trained contributors. All adhere to our comprehensive editorial guidelines, ensuring the delivery of high-quality content.
Learn about Our Editorial Process
| By Toxic2
T
Toxic2
Community Contributor
Quizzes Created: 1 | Total Attempts: 279
| Attempts: 279
Quiz Flashcard
SettingsSettings
Please wait...
  • 1/5 Questions

    In economic theory choice gives rise to a cost and this is referred to as.........

    • The price of the goods purchased.
    • The cost of factors of production required to fulfil the choice.
    • Opportunity cost.
Please wait...
Ecs1501 - Study Unit 1 -test - Quiz
About This Quiz

ECS1501 - Study Unit 1 - Test focuses on fundamental economic concepts such as scarcity, opportunity cost, and economic theory. It assesses understanding through theoretical questions and practical application via graphs, targeting essential analytical skills in economics.

Quiz Preview

  • 2. 

    Scarcity refers to......: 

    • The limited resources available in an economy

    • Limited wants and needs.

    • Poverty suffered by large parts of the population.

    Correct Answer
    A. The limited resources available in an economy
    Explanation
    Theory, refer to LO 1.1


    Go to LO1.1

    Rate this question:

  • 3. 

    The production possibility curve illustrates...... 

    • The combination of factors of production used to produce certain goods and services.

    • Scarcity, choice and opportunity costs.

    • What, how and for whom to produce.

    Correct Answer
    A. The combination of factors of production used to produce certain goods and services.
    Explanation
    Theory, refer LO 1.2.


    Go to LO1.2

    Rate this question:

  • 4. 

    Select the incorrect statement with reference to economic theory.

    • Scarcity, wants, choice and opportunity cost are some of the main elements of economics.

    • Economics is a social science concerned with the efficient use of unlimited goods and service to achieve maximum satisfaction of human wants.

    • Economics is concerned with a systematic understanding of patterns of production, consumption and distribution of goods and services.

    Correct Answer
    A. Economics is a social science concerned with the efficient use of unlimited goods and service to achieve maximum satisfaction of human wants.
    Explanation
    Resources are scarce and therefore the goods and services that can be produced are limited. Wants are, however, unlimited.


    Go to LO1.1

    Rate this question:

  • 5. 
    Use the graph below to answer question 5.   The opportunity cost of increasing the quantity of vegetables from 0 to 1400 is.... - ProProfs

    Use the graph below to answer question 5.   The opportunity cost of increasing the quantity of vegetables from 0 to 1400 is....

    • 400 kg of vegetables.

      Ecs1501 - Study Unit 1 -test - Quiz

    • 200 loaves of bread

      Ecs1501 - Study Unit 1 -test - Quiz

    • 800 loaves of bread

      Ecs1501 - Study Unit 1 -test - Quiz
    Correct Answer
    A. 200 loaves of bread
    Explanation
    If this economy was producing zero vegetables it would have been able to produce 1000 loaves of bread. If its choices change and it now wants to produce 1400 kgs vegetables and bread then it will have to move its resources from producing bread and put them to work growing vegetables. According to this graph it means that the economy would have to give up 200 loaves of bread (a movement along the Y axis from 1000 to 800).


    Go to LO1.2

    Rate this question:

Quiz Review Timeline (Updated): Mar 21, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 13, 2012
    Quiz Created by
    Toxic2
Back to Top Back to top
Advertisement
×

Wait!
Here's an interesting quiz for you.

We have other quizzes matching your interest.