ECO 162 (BEGINNER)

ECO 162 (BEGINNER)

6th Grade

15 Qs

quiz-placeholder

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ECO 162 (BEGINNER)

ECO 162 (BEGINNER)

Assessment

Quiz

6th Grade

Practice Problem

Medium

CCSS
HSF-IF.C.7A

Standards-aligned

Created by

WAN NURASHIKIN MAHMOOD

Used 714+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Microeconomics is the study of how

scarce resources are used to satisfy unlimited human wants.

we choose to use unlimited resources.

unlimited resources are used to satisfy scarce wants.

society uses abundant resources to satisfy unlimited desires.

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following will result to an inward shift of the production possibilities curve?

Technological advancement.

Discovery of new resources.

A decline in population.

Economic growth.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When the market for goods is in equilibrium:

the quantity supplied exceeds quantity demanded.

the quantity demanded exceeds quantity supplied.

there will be surplus of goods and services in the economy.

the quantity demanded equals quantity supplied.

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Media Image

If the cross elasticity of demand between chicken chop and lamb chop is 2.5, then a 6% increase in the price of chicken chop will result in

a 10% increases in the quantity demanded of lamb chop.

a 20% increases in the quantity demanded of lamb chop.

a 15% increases in the quantity demanded of lamb chop.

a 4% increases in the quantity demanded of lamb chop.

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

If the price elasticity of demand for a good is unitary elastic, an increase in the price of the good will cause the total revenue to

increase.

decrease.

increase and eventually declining.

constant.

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Media Image

If the price elasticity of supply for washing machine is 2.0, this means

a 20% increase in price, leads to 200% decrease in quantity supplied.

a 2% decrease in price, leads to 20% increase in quantity supplied.

a 7% decrease in price, leads to 17.5% increase in quantity supplied.

a 2% decrease in price, leads to 4% decrease in quantity supplied.

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

If toothbrush and toothpaste are complementary goods, a decrease in the price of toothbrush will result in

an increases in the demand for toothpaste.

a decrease in the demand for toothpaste.

an increase in the quantity demanded for toothpaste.

a decreases in the quantity demanded for toothpaste.

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