test on introduction to economics

test on introduction to economics

2nd Grade

10 Qs

quiz-placeholder

Similar activities

QUIZ 1 - INTRODUCTION TO MACROECONOMICS

QUIZ 1 - INTRODUCTION TO MACROECONOMICS

1st - 3rd Grade

10 Qs

Real Life Economics

Real Life Economics

1st - 11th Grade

10 Qs

Vietnam's BoP in 2010-present

Vietnam's BoP in 2010-present

1st - 10th Grade

8 Qs

GAME 4- International Business and Trade

GAME 4- International Business and Trade

1st - 3rd Grade

8 Qs

QUIZ 4 : ACCOUNTING CYCLE

QUIZ 4 : ACCOUNTING CYCLE

1st Grade - University

15 Qs

Basic Accounting

Basic Accounting

1st - 10th Grade

10 Qs

QUICK QUIZ (CHAPTER 3)

QUICK QUIZ (CHAPTER 3)

1st - 5th Grade

10 Qs

THE MARKETING ENVIROMENT

THE MARKETING ENVIROMENT

1st - 4th Grade

10 Qs

test on introduction to economics

test on introduction to economics

Assessment

Quiz

Business

2nd Grade

Hard

Created by

Nicholas Mutai

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

what is the basic economic problem that all the societies faces?

scarcity

inflation

unemployment

surplus

2.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

Economics is primarily concerned with?

the study of individual financial choices

the efficient allocation of scarce resources

the production and sale of goods and service

the distribution of money in society

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

microeconomics is branch of economics that deals with?

the behavior of individual consumers and firms

national income and overall economic growth

global trade and international policies

government taxation and fiscal policy

4.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

Which one is not factor of production?

Land – Natural resources

money – Human effort and skills

Capital – Machinery, tools, and buildings

Entrepreneurship – The ability to combine these resources to produce goods and services

5.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

opportunity cost refers to?

financial cost of an economic choice

the benefit that is given up when choosing one alternative over another

the difference between gross profit and net profit

the cost of producing an additional unit of output

6.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

A free market economy is one in which?

prices are set by government

there is no private property

prices are determined by supply and demand

production is controlled by central planners

7.

FILL IN THE BLANK QUESTION

1 min • 2 pts







.........economist is most closely associated with the term " invisible hand"

Create a free account and access millions of resources

Create resources
Host any resource
Get auto-graded reports
or continue with
Microsoft
Apple
Others
By signing up, you agree to our Terms of Service & Privacy Policy
Already have an account?