Understanding Pricing and Welfare

Understanding Pricing and Welfare

1st Grade

15 Qs

quiz-placeholder

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Understanding Pricing and Welfare

Understanding Pricing and Welfare

Assessment

Quiz

English

1st Grade

Practice Problem

Hard

Created by

Swapnil Sahasrabuddhe

Used 1+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What decides the price of a product?

Brand loyalty and advertising

Customer demographics and location

Supply and demand, production costs, competition, and perceived value.

Seasonal trends and weather

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is microeconomics concerned with?

Microeconomics studies government policies and regulations.

Microeconomics is concerned with individual economic agents and markets.

Microeconomics focuses on global economic trends.

Microeconomics is concerned with the overall economy and national income.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the factors of production?

Finance, Marketing, Distribution, Production

Land, Labor, Capital, Entrepreneurship

Resources, Skills, Technology, Management

Goods, Services, Trade, Investment

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do we call the payment for land?

Lease Agreement

Property Tax

Mortgage Payment

Rent or Purchase Price

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do we call the payment for labor?

Wages

Salary

Bonus

Commission

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the payment for capital called?

Fees

Interest or Dividends

Taxes

Salaries

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do we call the profit earned by entrepreneurs?

Sales profit

Entrepreneurial profit

Investment returns

Business revenue

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