Fun Quiz Practice

Fun Quiz Practice

University

10 Qs

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Fun Quiz Practice

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Assessment

Quiz

Business

University

Hard

Created by

Munshi Afzal

Used 4+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

The best definition of economics is

how choices are made under conditions of scarcity.

how money is used.

how goods and services are produced.

how businesses maximize profits.

2.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Scarcity is a condition that exists when

there is a fixed supply of resources relative to the demand for the product.

there is a large demand for a product.

resources are not able to meet the entire demand for a product.

All of the above

3.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Opportunity cost is best defined as

The cost of the next best alternative foregone
The cost of producing a good or service
The cost of purchasing a good or service
The cost of not taking an action

4.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

comparative advantage

A country's ability to produce a particular good at a lower opportunity cost than another country
A country's ability to produce more goods than another country
A country's ability to produce goods at a lower cost than another country
A country's ability to produce a particular good at a higher opportunity cost than another country

5.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Example of Slope in Economics

The rate at which a company's profits increase
The rate at which price changes with demand
The rate at which supply changes with price
The rate at which a company's revenue decreases

6.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

What is the difference between slope and intercept

Slope is the steepness of a line, while intercept is where the line crosses the y-axis
Slope and intercept are the same
Slope is where the line crosses the y-axis, while intercept is the steepness of a line
Slope and intercept are both related to the x-axis

7.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Simultaneous Equations

A system of equations that are solved together
A type of quadratic equation
A method for solving inequalities
A type of differential equation

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