Back to Course Quiz 1.1 – Meaning of economics and related concepts I 0% Complete 0/0 Steps Quiz 1 of 0 Quiz 1.1 – Meaning of economics and related concepts I ola May 8, 2025 Error: Could not parse video path from URL. Time limit: 0 Quiz Summary 0 of 6 Questions completed Questions: Information You have already completed the quiz before. Hence you can not start it again. Quiz is loading… You must sign in or sign up to start the quiz. You must first complete the following: Results Quiz complete. Results are being recorded. Results 0 of 6 Questions answered correctly Your time: Time has elapsed You have reached 0 of 0 point(s), (0) Earned Point(s): 0 of 0, (0) 0 Essay(s) Pending (Possible Point(s): 0) Categories Not categorized 0% Show Question 1 Show Question 2 Show Question 3 Show Question 4 Show Question 5 Show Question 6 Review Answered Correct Incorrect Question 1 of 6 1. Question The term ceteris paribus implies that Resources are scarce Correct Incorrect Correct answer Human problems can be solved Correct Incorrect Correct answer Human beings are unpredictable Correct Incorrect Correct answer All factors are fully utilized Correct Incorrect Correct answer Correct Incorrect Question 2 of 6 2. Question The logical sequence of basic concepts in economics is Wants, scarcity, choice and opportunity cost Correct Incorrect Correct answer Wants, choice, scarcity and opportunity cost Correct Incorrect Correct answer Scarcity, wants, choice and scale of preference Correct Incorrect Correct answer Scarcity, choice, scale of preference and opportunity cost Correct Incorrect Correct answer Correct Incorrect Question 3 of 6 3. Question Consumers allocate their resources based on the ______? Law of diminishing marginal utility Correct Incorrect Correct answer Value in use and value in exchange principle Correct Incorrect Correct answer Law of returns to scale Correct Incorrect Correct answer Diamond and water paradox Correct Incorrect Correct answer Correct Incorrect Question 4 of 6 4. Question The economic questions about what and how to produce in an economy is solely answered by the _______? Government Correct Incorrect Correct answer Labour union Correct Incorrect Correct answer Private and public enterprises Correct Incorrect Correct answer System of economy practiced Correct Incorrect Correct answer Correct Incorrect Question 5 of 6 5. Question Opportunity cost helps the government to: Distribute money to citizens Correct Incorrect Correct answer Support better production Correct Incorrect Correct answer Remove competition Correct Incorrect Correct answer Prepare budget Correct Incorrect Correct answer Correct Incorrect Question 6 of 6 6. Question The privatization of public enterprises will lead to the efficient management of resources in the economy. This statement can best be described as_____________ Deductive reasoning Correct Incorrect Correct answer Positive reasoning Correct Incorrect Correct answer Normative reasoning Correct Incorrect Correct answer Inductive reasoning Correct Incorrect Correct answer Correct Incorrect Related
