Applied Economics Take Home Quiz

Applied Economics Take Home Quiz

12th Grade

20 Qs

quiz-placeholder

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Applied Economics Take Home Quiz

Applied Economics Take Home Quiz

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

Gellisa Prestoza

Used 695+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the financial gain made in transactions?

Profit

Resource

Scarcity

Wage

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is it called when you have limited quantities of resources used to meet unlimited wants?

Profit

Specialization

Cartel

Scarcity

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is a legal entity owned by individual stockholders?

Capital

Free Enterprise

Corporation

Specialization

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the desire to own something and the ability to pay for it called?

Supply

Demand

Allocation

Capital

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the point at which the quantity demanded and the quantity supplied are equal called?

Elasticity

Efficiency

Equilibrium price

Production possibilities

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the study of economic behavior and decision making of small units, such as individuals, families, and businesses called?

Macroeconomics

Microeconomics

Economics

Economic statistics

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is a market structure in which many companies sell products that are similar but not identical?

Monopoly

Perfect Competition

Monopolistic Competition

Oligopoly

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