Economics - Introduction to micro

Economics - Introduction to micro

11th - 12th Grade

15 Qs

quiz-placeholder

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Economics - Introduction to micro

Economics - Introduction to micro

Assessment

Quiz

Other

11th - 12th Grade

Practice Problem

Hard

Created by

Mr. J. Cumming

Used 194+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the basic economic problem?

The imperfect interaction between demand and supply

Market forces determine the equilibrium price level

The existence of inequalities

Scarcity: finite resources available to satisfy all human needs and wants

2.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which of the following are needs rather than wants? Choose three.

iPhone

Trousers

Five Guys burger

Water

Bread

3.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Economic theory assumes that consumers and producers both seek to maximise. What is it that they each seek to maximise?

(Answer in this format: XXXX and YYYY)

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is opportunity cost?

The cost of taking the first option available

The opportunity presented of saving a cost

The cost of any choice in terms of the next best alternative foregone

The cost of any choice in terms of the time spent undertaking it

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who are the main economic agents?

Households, consumers, companies and tax payers

Consumers, companies and exporters

Government, firms and importers

Households, firms and government

Households, tax payers and consumers

6.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which of the following are factors of production?

Animals

Land

Labour

Enterprise

Capital

7.

FILL IN THE BLANK QUESTION

1 min • 1 pt

The rewards to labour are called wages. What are the rewards to land called?

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