Microeconomics

Microeconomics

University

10 Qs

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Microeconomics

Microeconomics

Assessment

Quiz

Social Studies

University

Practice Problem

Hard

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Group Three

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

It studies how prices of land, labor, and capital are determined, and how these prices are used to allocate scarce resources.

Demand

Supply

Economics

Microeconomics

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

It is the study of decisions made by people and businesses regarding the allocation of resources, and prices at which they trade goods and services.

Demand

Supply

Economics

Microeconomics

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This type of economic system allows private entities to amass a lot of economic power, particularly those who own resources of great value.

traditional system

Market System

Mixed System

Command System

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the study of decisions made by people and businesses regarding the allocation of resources, and prices at which they trade goods and services?

Microeconomics

Macroeconomics

Economics

Supply and Demand

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This type of economic system is also known as dual system.

Traditional System

Market System

Mixed System

Command System

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The law that governs the relationship between the quantity demanded and the price.

The Law of Supply

The Law of Demand

The Law of Goods

The Law of Services

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic system allows private entities to amass a lot of economic power, particularly those who own resources of great value?

Traditional System

Market System

Capitalist System

Command System

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