CBSE Class 9 Social Science Building Blocks in Economics: The Problem of Choice (Class 9 NCERT New) Quiz 3

1. What does 'Labour' mean in economics?

A Labour refers to the human effort used in the production of goods and services. B Labour refers to the use of machines in production. C Labour means the total capital invested in a business. D Labour refers to the natural resources used in production.

2. What is 'Enterprise' in economics?

A Enterprise refers to the ability to organize the other factors of production and take risks to create goods and services. B Enterprise refers to the process of buying and selling goods only. C Enterprise is the act of saving money in banks. D Enterprise means the government controlling all businesses.

3. People make different choices even with the same amount of money because:

A They have different preferences and priorities. B They always want to save all their money. C They are required to spend money the same way. D They do not know how to use money.

4. If you had only limited money, you would spend it on:

A food B clothes C entertainment D gadgets

5. List one of the four factors of production.

A Land, Labor, Capital, or Entrepreneurship. B Weather, Climate, Seasons, or Temperature. C Water, Air, Soil, or Sunlight. D Money, Gold, Silver, or Diamonds.

6. If you spend 50 AED on a book instead of a snack, the opportunity cost is:

A The book B The snack C The money D No cost

7. Scarcity arises because:

A Resources are unlimited B Wants are limited C Resources are limited and wants are unlimited D People are lazy

8. Classify the following as Need or Want: Food, Water, Video game, School uniform, Luxury watch

A Food - Need, Water - Need, Video game - Want, School uniform - Need, Luxury watch - Want B Food - Want, Water - Need, Video game - Need, School uniform - Want, Luxury watch - Need C Food - Want, Water - Want, Video game - Need, School uniform - Need, Luxury watch - Want D Food - Need, Water - Want, Video game - Want, School uniform - Need, Luxury watch - Need

9. Type one word that comes to your mind when you hear 'Economics'.

A Money B Biology C Painting D Astronomy

10. One example of something you gave up when making a choice is:

A Time spent on another activity B Gaining more options C Getting everything you want D Avoiding all decisions