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Lecture 1_Micro

Authored by Micheal Johnson

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University

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Lecture 1_Micro
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the study of how people allocate scarce resources?

Economics

Anthropology

Psychology

Sociology

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term describes the total value of all goods and services produced in a country?

Balance of Trade (BOT)

Consumer Price Index (CPI)

Net National Product (NNP)

Gross Domestic Product (GDP)

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for the price at which quantity supplied equals quantity demanded?

Equilibrium price

Supply price

Demand price

Market price

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic principle states that as the price of a good increases, the quantity demanded decreases?

Law of Supply

Price Elasticity of Demand

Law of Demand

Marginal Utility

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do we call a market structure with many firms competing against each other?

Oligopoly

Perfect competition

Duopoly

Monopoly

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for the cost of the next best alternative foregone?

Opportunity cost

Sunk cost

Marginal cost

Fixed cost

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the economic term for a situation where demand exceeds supply?

Equilibrium

Deficit

Shortage

Surplus

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