🎓 New lessons added every week. Start learning today!

PNG Online School
Advertisement
Economics

Ultimate PNG Economics Test – Try It Before Your Exam!

Taught by Staff Reporter
How to answer this question on PNG Economics and Problems Select the correction answers A 3 seconds countdown will begin for next question Final summary will be displayed at the end. You can retake the test
QUESTION 1 OF 20
What is Economics mainly concerned with?
A. Studying weather patterns
B. Managing scarce resources
C. Learning history
D. Producing only goods
Which of the following best defines Economics?
A. Study of money only
B. Study of business activities
C. Study of how people use limited resources
D. Study of farming
Who are the main decision-makers in an economy?
A. Students and teachers
B. Households, firms, and government
C. Farmers only
D. Exporters only
What is the basic economic problem?
A. Too many goods
B. Unlimited resources
C. Scarcity and unlimited wants
D. Lack of money only
Scarcity means:
A. Resources are unlimited
B. There are more goods than people
C. Resources are limited but wants are unlimited
D. People have no needs
Opportunity cost refers to:
A. The cost of money
B. The next best alternative forgone
C. The cheapest option
D. The price of goods
Which of the following is an example of opportunity cost?
A. Buying two items
B. Saving money
C. Choosing school over work
D. Producing more goods
Which of the following is NOT a factor of production?
A. Land
B. Labour
C. Capital
D. Money
Land as a resource includes:
A. Only soil
B. Natural resources like forests and minerals
C. Machines
D. Workers
Labour refers to:
A. Machines used in production
B. Human effort in production
C. Natural resources
D. Money supply
Capital includes:
A. Rivers and forests
B. Human skills
C. Tools, machines, and equipment
D. Government policies
Entrepreneurship involves:
A. Working for wages
B. Taking risks and organizing production
C. Saving money
D. Buying goods
What question must every economy answer?
A. What to eat?
B. What, how, and for whom to produce?
C. Where to live?
D. Who to hire?
“What to produce” refers to:
A. How goods are made
B. Which goods and services should be produced
C. Who produces goods
D. Where goods are sold
“How to produce” refers to:
A. Who will receive goods
B. The method of production used
C. The price of goods
D. The demand for goods
“For whom to produce” refers to:
A. Where goods are produced
B. Who gets the goods and services
C. How goods are made
D. What goods are made
In a traditional economy, decisions are based on:
A. Government policies
B. Customs and traditions
C. Market forces
D. Technology
In a market economy, decisions are mainly made by:
A. Government
B. Chiefs
C. Buyers and sellers
D. Churches
In a command economy, who makes economic decisions?
A. Individuals
B. Businesses
C. Government
D. Farmers
Papua New Guinea has which type of economy?
A. Pure traditional economy
B. Pure command economy
C. Mixed economy
D. No economy

QUIZ DONE!

0%
✅ 0
❌ 0
Students in Papua New Guinea need to learn Economics well because it helps them understand how everyday choices affect their lives, families, and communities. By studying Economics, students learn about scarcity, resources, and decision-making, which are important for managing money, using resources wisely, and planning for the future. The subject also develops critical thinking and problem-solving skills that are useful in school and in many careers such as business, banking, public service, and entrepreneurship. When students understand Economics, they are better prepared to make smart financial decisions, support their communities, and contribute positively to the country’s development.
Advertisement
Advertisement