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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What does scarcity mean?
💡 Hint: Think about resources that are not always available.
Question 2
Easy
Define opportunity cost.
💡 Hint: What do you lose when you choose something else?
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 is defined as the limited availability of resources while human wants are infinite?
- Supply
- Scarcity
- Demand
💡 Hint: It makes decision-making difficult.
Question 2
Opportunity cost refers to:
- True
- False
💡 Hint: Think about what you give up.
Solve 2 more questions and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Given a limited budget, a government needs to decide whether to invest in renewable energy or healthcare advancements. Analyze the opportunity costs involved in each decision.
💡 Hint: Consider the impact of each choice on society.
Question 2
Compare and contrast how a market economy and a planned economy would address the question of 'for whom to produce?'.
💡 Hint: Think about who influences production decisions.
Challenge and get performance evaluation