Applied Economics Quiz-1
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•15 Qs
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Applied Economics Quiz-1
Quiz
•
Business
•
University
•
Hard
John Dormentes
Used 4+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the fundamental economic problem arising from the limited availability of resources relative to unlimited human wants?
A. Scarcity
B. Opportunity Cost
C. Supply and Demand
D. Market Equilibrium
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the value of the next best alternative foregone when a choice is made, illustrating the cost of making decisions?
A. Scarcity
B. Opportunity Cost
C. Supply and Demand
D. Market Equilibrium
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the foundational model in economics that explores how prices are determined in markets through the interaction of sellers (supply) and buyers (demand)?
A. Scarcity
B. Opportunity Cost
D. Market Equilibrium
C. Supply and Demand
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the point at which the quantity supplied equals the quantity demanded, resulting in a stable market price?
D. Market Equilibrium
C. Supply and Demand
B. Opportunity Cost
A. Scarcity
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the social science that examines how individuals, businesses, and societies make choices to allocate resources to meet their needs and wants?
B. Scarcity
C. Opportunity Cost
D. Supply and Demand
A. Economics
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the branch of economics that focuses on the practical application of economic theories and principles to analyze and address real-world issues and challenges?
A. Economics
D. Applied Economics
B. Scarcity
C. Opportunity Cost
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the process of examining economic data and information to derive meaningful insights and conclusions about economic phenomena?
B. Decision-Making
A. Economic Analysis
D. Optimization
C. Policy Evaluation
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