
Lecture 1_Micro
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Micheal Johnson
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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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