Microeconomics Ch-1

Microeconomics Ch-1

11th Grade

7 Qs

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Microeconomics Ch-1

Microeconomics Ch-1

Assessment

Quiz

Social Studies

11th Grade

Practice Problem

Easy

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7 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Opportunity Cost is:

The additional benefit of buying an additional unit of a product.

That which we forgo, or give up, while making a choice or a decision.

The cost incurred in the past before we make a decision about what to do in future

A cost that is borne in terms of discomfort and pain while supplying factors of production.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The opportunity cost of watching a movie will be equal to:

The time lost while watching the show.

The pleasure enjoyed by watching the show

The amount paid to buy the tickets.

The pleasure that could have been enjoyed watching TV instead.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is

The study of stocks and bond market.

The study of Management decisions.

The problem of choice under scarcity.

Mainly the study of business firms.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Government-provided healthcare increases public expenditures.

Normative Economic Statement

Positive Economic Statement

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Working citizens should not pay for hospital care.

Normative Economic Statement

Positive Economic Statement

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economies where the economic activities are firmly controlled by government.

Centrally Planned Economy

Market Economy

Mixed economy

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economies where the economic activities are controlled by the market forces.

Socialist Economy

Mixed economy

Capitalist Economy