Resource Allocation Quizzes, Questions & Answers

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This Economics Mid-Term Exam assesses understanding of basic economic concepts such as scarcity, government roles, capital, entrepreneurship, incentives, and opportunity cost. It is crucial for students aiming to grasp...

Questions: 35 | Attempts: 2133 | Last updated: Mar 21, 2025

Sample Question 1
Which of these situations describes scarcity?

A country has an unskilled labor force.

Consumers want expensive products Consumers want expensive products.

Human wants exceed available resources.

Some desired things are in short supply.

Sample Question 2
Who decides what goods and services will be produced in Cuba and North Korea?

Consumers

Government

Producers

Workers

Sample Question 3
Which of these terms describes the resources that people make and use to produce goods and services?

Capital

Entrepreneurship

Labor

Land