Microeconomics Unit 1 and 2 Review

Microeconomics Unit 1 and 2 Review

10th - 12th Grade

20 Qs

quiz-placeholder

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Microeconomics Unit 1 and 2 Review

Microeconomics Unit 1 and 2 Review

Assessment

Quiz

Social Studies

10th - 12th Grade

Hard

Created by

Julie Walker

Used 31+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Scarcity is correctly described by which of the following statements?

I. Scarcity exists if there are more uses for resources than can be satisfied at one time.

II. Scarcity exists if decisions must be made about alternative uses for resources.

III. Scarcity would not exist in a society in which people wanted to help others instead of themselves.

I only

II only

III only

I and II only

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The fundamental difference between a market economy and a command economy lies in which of the following?

Property rights and protection of private property

Absolute and comparative advantages

Specialization and trade

Positive and negative externalities

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

According to the graph, if a country is currently producing at point X, the opportunity cost of producing another consumer good is

20 capital goods

more than 20 capital goods

less than 20 capital goods

20 consumer goods

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

Which of the following statements is true according to the chart?

Trade should take place, with Gamma specializing in clothing production and Omega specializing in food production.

Trade should take place, with Gamma specializing in food production and Omega specializing in clothing production.

Since Omega can produce both food and clothing using fewer resources than Gamma, it cannot benefit from trade with Gamma

Since Gamma can produce both food and clothing using fewer resources than Omega, it cannot benefit trade with Omega.

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

An opportunity cost is entailed in which of the following situations?

I. A student decides to attend college full-time.

II. A family uses its $20,000 savings to purchase an automobile.

III. A farmer decides to grow more wheat and less corn.

I and II only

II and III only

I, II, and III

II only

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

If the student purchases 2 units of pizza and 2 units of pens, the student’s total utility will be

25 utils

28 utils

50 utils

53 utils

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

If the demand for good Y increases as the price of good X decreases, it can be concluded that

X and Y are substitute goods

X and Y are complementary goods

X is an inferior good and Y is a superior good

X is a superior good and Y is an inferior good

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