BUSINESS REVIEW

BUSINESS REVIEW

10th Grade

79 Qs

quiz-placeholder

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BUSINESS REVIEW

BUSINESS REVIEW

Assessment

Quiz

Other

10th Grade

Medium

Created by

SOBIA MALIK

Used 4+ times

FREE Resource

79 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is scarcity?

The desire for unlimited goods

The condition where there are not enough resources to satisfy all wants

The abundance of natural resources

A situation where resources are evenly distributed

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a factor of production?

Land

Labor

Money

Capital

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is opportunity cost?

The cost of producing more goods

The next best alternative foregone when a decision is made

The total cost of resources used

The amount of money spent on a good

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the law of demand?

As the price of a good decreases, quantity demanded increases

As the price of a good increases, quantity demanded increases

Income changes do not affect demand

Demand decreases when consumer income rises

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of good sees demand increase as income rises?

Inferior goods

Normal goods

Substitutes

Complements

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price of a substitute increases, the demand for a good will:

Increase

Decrease

Remain constant

Be unaffected

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Law of Supply states:

Price and quantity supplied are inversely related

Price and quantity supplied are directly related

There is no relationship between price and quantity supplied

Supply decreases as demand increases

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