micro true false
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Other
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11th Grade - University
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Practice Problem
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Easy
Jon Inge
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30 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Economics is the study of how people deal with scarcity
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Because wants are unlimited but resources are not, scarcity is a characteristic of all economies.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The opportunity cost of a choice is the value of the forgone alternative that was not chosen.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Production possibilities represent the alternative choices of goods that the economy can produce.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
PRICE IS DETERMINED BY THE INTERACTION OF SUPPLY AND DEMAND
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
INCIDENCE OF TAX ON LUXURY GOODS IS BORNE BY CONSUMERS
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Goods are scarce because society's desire for them exceeds society's ability to produce them
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