Economics - Introduction to micro
Quiz
•
Other
•
11th - 12th Grade
•
Practice Problem
•
Hard
Mr. J. Cumming
Used 194+ times
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15 questions
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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
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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