What does 'Labour' mean in economics?
  • Labour refers to the human effort used in the production of goods and services.
  • Labour refers to the use of machines in production.
  • Labour means the total capital invested in a business.
  • Labour refers to the natural resources used in production.
What is 'Enterprise' in economics?
  • Enterprise refers to the ability to organize the other factors of production and take risks to create goods and services.
  • Enterprise refers to the process of buying and selling goods only.
  • Enterprise is the act of saving money in banks.
  • Enterprise means the government controlling all businesses.
People make different choices even with the same amount of money because:
  • They have different preferences and priorities.
  • They always want to save all their money.
  • They are required to spend money the same way.
  • They do not know how to use money.
If you had only limited money, you would spend it on:
  • food
  • clothes
  • entertainment
  • gadgets
List one of the four factors of production.
  • Land, Labor, Capital, or Entrepreneurship.
  • Weather, Climate, Seasons, or Temperature.
  • Water, Air, Soil, or Sunlight.
  • Money, Gold, Silver, or Diamonds.
If you spend 50 AED on a book instead of a snack, the opportunity cost is:
  • The book
  • The snack
  • The money
  • No cost
Scarcity arises because:
  • Resources are unlimited
  • Wants are limited
  • Resources are limited and wants are unlimited
  • People are lazy
Classify the following as Need or Want: Food, Water, Video game, School uniform, Luxury watch
  • Food - Need, Water - Need, Video game - Want, School uniform - Need, Luxury watch - Want
  • Food - Want, Water - Need, Video game - Need, School uniform - Want, Luxury watch - Need
  • Food - Want, Water - Want, Video game - Need, School uniform - Need, Luxury watch - Want
  • Food - Need, Water - Want, Video game - Want, School uniform - Need, Luxury watch - Need
Type one word that comes to your mind when you hear 'Economics'.
  • Money
  • Biology
  • Painting
  • Astronomy
One example of something you gave up when making a choice is:
  • Time spent on another activity
  • Gaining more options
  • Getting everything you want
  • Avoiding all decisions
If you have exams tomorrow, what is the rational choice?
  • Study for the exams
  • Watch a movie
  • Go out with friends
  • Ignore the exams
A rational choice means:
  • Random decision
  • Decision giving maximum satisfaction
  • Expensive decision
  • Emotional decision
Match the factor with its reward: Factor: Land, Labour, Capital, Enterprise Reward: Rent, Wages, Interest, Profit
  • Land - Rent, Labour - Wages, Capital - Interest, Enterprise - Profit
  • Land - Wages, Labour - Rent, Capital - Profit, Enterprise - Interest
  • Land - Interest, Labour - Profit, Capital - Wages, Enterprise - Rent
  • Land - Profit, Labour - Interest, Capital - Rent, Enterprise - Wages
Choosing to buy a cheaper meal instead of an expensive one is an example of a choice made because of what?
  • Limited money or time
  • Having too many options
  • Wanting to try something new
  • Following a friend's advice
The three central problems of an economy are:
  • What to produce, how to produce, and for whom to produce
  • How to increase exports, how to reduce imports, and how to balance the budget
  • How to control inflation, how to create jobs, and how to reduce poverty
  • What goods to import, what goods to export, and how to set prices
If goods and services are produced by employing more labour and less capital it is known as __________ method of production.
  • Labour intensive
  • Capital intensive
  • Automated
  • Mechanized
Capital intensive method of production refers to a method that mainly uses which of the following?
  • A large amount of capital and machinery
  • A large number of workers
  • Natural resources only
  • Manual tools and simple equipment
Which one is not a factor of production?
  • Land
  • Labour
  • Capital
  • Enterprise
  • Money
Which of the following is an example of a rational choice?
  • Choosing to save money for future needs instead of spending it all now.
  • Deciding to ignore important information when making a decision.
  • Making a choice based solely on emotions without considering consequences.
  • Selecting an option at random without any reasoning.
Which of the following is an example of production, consumption, or distribution in your daily life?
  • Eating breakfast at home
  • Watching television
  • Sleeping during the day
  • Reading a novel
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