Session 1
Quiz
•
Business
•
University
•
Practice Problem
•
Easy
Lê Thanh Thủy
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10 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which of the following products would be considered scarce?
golf clubs
Picasso paintings
apples
All of the above are correct.
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
The adage, "There is no such thing as a free lunch," is used to illustrate the principle that
goods are scarce.
people face tradeoffs.
income must be earned.
households face many decisions.
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Economists build economic models by
generating data.
conducting controlled experiments in a lab.
making assumptions.
reviewing statistical forecasts.
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
In the simple circular-flow diagram, the participants in the economy are
firms and government.
households and firms.
households and government.
elected officials and ordinary citizens.
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
The amount by which firms’ sales revenue exceeds their payments to factors of production is called
rent.
capital.
profit.
interest.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Comparative advantage is related most closely to which of the following?
output per hour
opportunity cost
efficiency
bargaining strength in international trade
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
The forces that make market economies work are
work and leisure.
demand and supply.
regulation and restraint.
taxes and government spending.
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