Chapter Exam

Chapter 8: Building Blocks in Economics The Problem of Choice — Online MCQ Test

Q: What does 'scarcity' mean in economics?

Answer: B. Resources are limited compared to human wants — Scarcity means that resources are limited while human wants are unlimited. This is the basic economic problem.

Q: Which of the following is an example of a 'want'?

Answer: C. A new smartphone for entertainment — A smartphone for entertainment is a want because it is not necessary for survival, unlike food, water, and air.

Q: A student has money to buy either a textbook or a notebook set. If the student buys the textbook, what is the opportunity cost?

Answer: B. The notebook set not bought — The opportunity cost is the next best alternative forgone. Here, it is the notebook set that was not purchased.

Q: Which option correctly fills the blank: Human wants are ______ but resources are ______.

Answer: B. unlimited, limited — In economics, wants are considered unlimited, while resources are limited. This mismatch creates scarcity.

SOCIAL · Grade 9 · CBSE(NCERT)

Practice Chapter 8: Building Blocks in Economics The Problem of Choice with a free chapter-wise online MCQ test for CBSE(NCERT) Grade 9 SOCIAL. This chapter covers: Economics Scarcity Resources Choice Opportunity cost Wants Needs Resource allocation Decision making Trade offs Production Consumption. AI-generated questions from basic to board-exam level, with instant results and explanations.

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Chapter 8: Building Blocks in Economics The Problem of Choice — Important Questions & Answers (FAQ)

Frequently asked questions from CBSE(NCERT) Grade 9 SOCIAL — Chapter 8: Building Blocks in Economics The Problem of Choice, with answers and explanations. These are sample questions; the exam has its own separate question set.

What does 'scarcity' mean in economics?

A. Having unlimited resources for all needs
B. Resources are limited compared to human wants ✓
C. Only money is limited
D. Only natural resources are limited

Answer: B. Resources are limited compared to human wants
Scarcity means that resources are limited while human wants are unlimited. This is the basic economic problem.

Which of the following is an example of a 'want'?

A. Food for survival
B. Water for drinking
C. A new smartphone for entertainment ✓
D. Air to breathe

Answer: C. A new smartphone for entertainment
A smartphone for entertainment is a want because it is not necessary for survival, unlike food, water, and air.

A student has money to buy either a textbook or a notebook set. If the student buys the textbook, what is the opportunity cost?

A. The money saved
B. The notebook set not bought ✓
C. The cost of the textbook only
D. The school bag

Answer: B. The notebook set not bought
The opportunity cost is the next best alternative forgone. Here, it is the notebook set that was not purchased.

Which of the following situations best shows the problem of choice?

A. A person eats breakfast because food is available
B. A shopkeeper keeps many items in stock
C. A government must decide whether to spend more on roads or hospitals with a limited budget ✓
D. A student reads a textbook at home

Answer: C. A government must decide whether to spend more on roads or hospitals with a limited budget
The problem of choice arises when resources are limited and different alternatives compete for them. Government spending decisions clearly show this.

Which option correctly fills the blank: Human wants are ______ but resources are ______.