Unit 1 Microeconomics
Quiz
•
Social Studies
•
12th Grade
•
Practice Problem
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Medium
Maddison Aiken
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13 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You are a student studying for your final exams. One of your subjects is economics. How would you describe this subject to your friend who is not familiar with it?
It's about how individuals, businesses, and nations make choices on allocating resources to satisfy their wants and needs.
It's about studying the extra benefit of adding an extra unit.
It's about studying plants.
It's about studying oligopoly and how it affects the economy.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an example of a Want?
Shoes
Food
Water
Electricity
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is opportunity cost?
The best financial decisions to make.
The cost of not to or to buy something.
When the change in demand because of price is large.
Exchangeing one thing for the use of another.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You are planning to start a business and you are researching about the essential elements required to successfully run it. You come across a term 'factors of production'. What does it refer to?
Land
Labor
Entrepreneurship
Capital
Water
Food
Electricity
Air
Land
Housing
Government
Revenue
Income
Wages
Businesses
Spending
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You are a student studying economics and you come across a chapter that talks about the 4 types of economies. Can you identify them?
Communism
Socialism
Democracy
Monarchy
Government
State
County
Town
Free Market
Mixed
Traditional
Command
Republic
Traditonal
Law of Demand
Dictatorship
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You are running a business and you notice that no matter how much the demand for your product increases or decreases, the price remains the same. What economic term describes this phenomenon?
Factors of Demand
Inelasticity of Demand
Recession
Elasticity of Demand
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are Incentivies?
Rewards offered to to persuade people to take certain economic actions.
When the change in demand because of price is large.
The government taxes you highers
They lower the government tax the higher the tax is.
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