
Econ Quiz 2: Microeconomics
Authored by Ricardo Higuera
Social Studies
12th Grade
Used 31+ times

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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Microeconomics is primarily concerned with:
The behavior of individuals and businesses in the economy.
The overall performance of a nation's economy.
The study of macroeconomic factors.
International trade dynamics.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Market equilibrium in economics is best described as:
A state where demand exceeds supply, leading to rising prices.
A state where supply exceeds demand, causing prices to drop.
When what people want (demand) equals what's available (supply), resulting in stable prices.
An economic concept unrelated to supply and demand.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Elasticity measures how much the quantity we buy or sell changes when prices go up or down. If a product is considered very elastic, it means:
People change their purchases significantly when the price changes.
People continue buying it at the same rate regardless of price changes.
It's an inelastic product.
It's unrelated to price changes.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Consumer choice in economics is influenced by factors like price, likes and dislikes, and availability. What term best describes these influences?
Scarcity
Elasticity
Opportunity cost
Preferences
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Opportunity cost, in economics, refers to:
The cost of giving up the next best alternative when making a decision.
The actual cost of a product or service.
The total expenses incurred by a business.
The profit made from a business venture.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In microeconomics, what term do microeconomists use to measure a consumer's satisfaction with their purchases?
Elasticity
Opportunity cost
Utility
Scarcity
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the economics, why do businesses exist in the context of microeconomics?
To maximize consumer satisfaction.
To minimize production costs.
To efficiently produce goods and reduce outside hiring costs.
To control the prices of goods and services.
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