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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the definition of scarcity?
💡 Hint: Think about resources and wants.
Question 2
Easy
Name the four factors of production.
💡 Hint: These are inputs for creating goods.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does scarcity mean in economics?
- A. Unlimited resources
- B. Limited resources
- C. Market equilibrium
💡 Hint: Think of how resources are never enough to satisfy all wants.
Question 2
True or False: Opportunity cost is the value of the best alternative given up.
- True
- False
💡 Hint: Focus on 'next best' when considering alternatives.
Solve 2 more questions and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Given an example of a country facing scarcity, analyze how its government might decide on resource allocation between healthcare and education.
💡 Hint: Consider the long-term vs. short-term benefits in resource allocation.
Question 2
Discuss how globalization has both positive and negative impacts on local economies. Provide two examples for each.
💡 Hint: Think globally but analyze locally.
Challenge and get performance evaluation