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Economics Quiz

Authored by Muhammed Shaifer

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9th Grade

Used 1+ times

Economics Quiz
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40 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

What is ABNORMAL PROFIT?

The surplus of revenue over costs enjoyed by a monopoly that is in excess of the profit the same firm could expect to earn if it faced competition for its market.

An economic condition of lacking both money and basic necessities needed to successfully live.

A measure of the number of people of working age as a proportion of the total population in a country who are able to read and write.

Firms which provide goods and business services for other firms.

2.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

What is ABSOLUTE POVERTY?

The surplus of revenue over costs enjoyed by a monopoly.

An economic condition of lacking money and basic necessities needed to live.

A measure of the number of people of working age who can read and write.

Firms that provide goods and business services.

3.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

What is the ADULT LITERACY RATE?

A measure of the number of people who can read and write in a country.

An economic condition of lacking both money and basic necessities.

The surplus of revenue over costs enjoyed by a monopoly.

Firms that provide goods and business services.

4.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

What are ANCILLARY FIRMS?

Firms that provide goods and business services for other firms.

The surplus of revenue over costs enjoyed by a monopoly.

A measure of the number of people of working age who are able to read and write.

An economic condition of lacking both money and basic necessities.

5.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

What is APPRECIATION in economics?

An increase in the value of a floating exchange rate of a currency against one or more foreign currencies.

A decrease in the value of a currency.

The surplus of revenue over costs enjoyed by a monopoly.

An economic condition of lacking both money and basic necessities.

6.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

What are ARTIFICIAL BARRIERS TO ENTRY?

Obstacles created by a powerful monopoly or oligopoly to restrict competition from new firms.

A measure of the number of people of working age who can read and write.

The surplus of revenue over costs enjoyed by a monopoly.

An economic condition of lacking money and basic necessities.

7.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

What is AVERAGE COST?

The cost per unit of output, calculated by dividing the total cost by the total volume of output.

The revenue per unit of output sold.

The total amount of income tax a person or firm pays.

The difference between the value of exports and imports.

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