
Economics
Authored by Megan Perez
Social Studies
University
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12 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following shows the law of demand?
When the price of fruit goes up, people buy more
When the price of fruit goes down, people buy more
When the price of fruit goes up, nothing changes
When the price of fruit goes down, people buy less
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Opportunity cost is:
The price (money) of a good or service
The value of what you’re giving up
The cost of producing more goods
The total cost of all alternatives
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Scarcity means:
Limited resources
Abundant resources
Unlimited want
Balance of supply and demand
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following shows the law of supply?
When the price of fruit falls farmers plant more
When the price of fruit rises farmers plant less
When the price of fruit rises farmers plant more
When the fruit falls nothing changes
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In economics, what is the law of supply?
As the price of something increases the quantity decreases
As the price of something increases the quantity increases
As the price of something decreases, the quantity increases
Price and quantity are unrelated
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In economics, what does law of demand mean?
As the price increases, the quantity decreases
As the price increases, the quantity increases
As the price decreases, the quantity decreases
Price and demand are not related
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
if you study instead of going to the movies, the opportunity cost is:
The price of the movie ticket
Your study time
Enjoying the movie
The cost of the test
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