Economics Practice Quiz 107

Q1.Why do advanced countries relocate toxic and hazardous industries to developing countries?

A. To reduce transportation costs B. To take advantage of weaker laws in developing countries C. To access cheaper raw materials D. To benefit from skilled labor

Q2.According to the glossary, what is a consumer?

A. An individual who buys goods for personal use and not for resale B. A person who produces goods for sale in the market C. An association of workers D. Money spent to purchase new machinery

Q3.According to the glossary, who is a producer?

A. An individual who buys goods for personal use B. A person or organisation that produces goods for sale in the market C. An association of workers D. Money spent to purchase new machinery

Q4.According to the glossary, what does 'investment' refer to?

A. Money spent to purchase new machinery or buildings or training to increase/modernise production B. An individual who buys goods for personal use C. A person who produces goods for sale D. An association of workers

Q5.Which of the following is an example of a resource with economic value mentioned in the text?

A. Metals B. A beautiful landscape C. Home remedies D. Textbook

Q6.What does 'value' mean?

A. Worth B. Utility C. Price D. Scarcity

Q7.How can something become economically valuable over time?

A. By being patented and sold B. By being used frequently C. By being natural D. By being scarce

Q8.What are the three types of economic activities involved in the transformation from a plant to a finished product?

A. Primary, secondary, and tertiary activities B. Agriculture, manufacturing, and services C. Extraction, processing, and distribution D. Farming, industry, and trade

Q9.Which of the following is an example of a primary activity?

A. Manufacturing of steel B. Baking of bread C. Agriculture D. Transport

Q10.Which of the following is an example of a secondary activity?

A. Fishing B. Weaving of cloth C. Banking D. Advertising

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Economics Practice Quiz 107