Apply economic questions

Apply economic questions

1st Grade

14 Qs

quiz-placeholder

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Apply economic questions

Apply economic questions

Assessment

Quiz

Business

1st Grade

Practice Problem

Hard

Created by

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14 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the law of demand state?

As the price of a good increases, quantity demanded increases.

As the price of a good decreases, quantity demanded increases

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not considered a factor of production?

land

labour

money

3.

MULTIPLE CHOICE QUESTION

30 sec • Ungraded

Define opportunity cost.

  • Opportunity cost is the value of the next best alternative that is foregone when making a decision.

  • What

opportunity cost is the acguired amount of time reguired

all the time spend

4.

FILL IN THE BLANK QUESTION

1 min • 1 pt

When demand for a good increases and supply remains constant, the price of that good is likely to __________

5.

FILL IN THE BLANK QUESTION

1 min • 1 pt

A __________ occurs when a government spends more money than it collects in revenue

6.

OPEN ENDED QUESTION

3 mins • 1 pt

How do international trade and globalization affect local economies?

Evaluate responses using AI:

OFF

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for a market structure characterized by a single seller?

Oligopoly

Monopoly

Perfect competition

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