Ten Principles of Economics-Part 1

Ten Principles of Economics-Part 1

University

5 Qs

quiz-placeholder

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Ten Principles of Economics-Part 1

Ten Principles of Economics-Part 1

Assessment

Quiz

Business, Other

University

Medium

Created by

Shereen Bacheer

Used 332+ times

FREE Resource

5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity means that there is less of a good or resource available than people wish to have

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Trade­offs are required because wants are unlimited and resources are

plenty

efficient

scarce

economical

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Opportunity cost is the cost or the price you pay for a good or service

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A rational decision maker takes an action if and only if the marginal cost exceeds the marginal benefit

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Economics is the study of

production methods

how society manages its scarce resources

how households decide who performs which tasks

the interaction of business and government