ECONOMICS

ECONOMICS

University

69 Qs

quiz-placeholder

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ECONOMICS

ECONOMICS

Assessment

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History

University

Practice Problem

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69 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the end goal of economics?

To satisfy the unlimited material wants of the society

To create policies for the government

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is the best definition of opportunity costs?

The amount of one good that must be given up in order to produce one more unit of

another good

The amount of money that must be paid in order to purchase one more unit of a

good.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Microeconomics is not concerned with:

The quantities of each good produced

The size of aggregate money flows in the economy

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to Walstad and Bingham, what Social Science is concerned with the use of

scarce resources to obtain the maximum satisfaction of the unlimited wants of the

society?

economics

geography

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What economic resources pertains to all the natural resources found above or below

the soil that could include lands used for agricultural and industrial purposes?

land resources

labor resources

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In an economy, when all economic decisions are done without government

intervention, competition served as determinant to identify the needs of the society and

competition will determine who will survive in the market, what economic system will

likely be in effect in that economy?

mixed economy

capitalism

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What refers to a place where the buyers (consumers) and sellers (producers) meet to

agree on the procurement of goods and services?

Market

Grocery

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