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Microeconomics

Authored by Dustin Waters

Social Studies, Other, Business

9th - 12th Grade

30 Questions

Used 3+ times

Microeconomics
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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is microeconomics?

A value that will purchase a finite quantity, weight, or other measure of a good or service.

The study of how people make things, and trade wealth, with limited resources

Place where goods and services are bought and sold for a price

The part of economics that deals with individual choices, when individuals are both humans and businesses

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When you buy a game system and games together, this is an example of which economic concept?

Complements

Substitutions

Elasticity

Economics

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When you buy a PlayStation instead of an X-Box because the price of the PlayStation went up, this is an example of what?

Complements

Substitutions

Elasticity

Economics

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the _____, quantity demanded and price move in opposite directions.

law of demand

demand curve

demand schedule

market demand

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a ____, most economic decisions are made by individuals looking out for their own interests.

free exchange

market economy

privatized economy

socialist market

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

____ are rewards offered to try to get people to take certain economic actions.

Profits

Incentives

Marginal benefits

Trade-offs

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What determines if an item's demand is elastic?

If an item is on sale

If an item continues to be bought, despite the rise in price

If an item stops being bought because of a rise in price

If an item is not on sale

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