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Introduction to Economics Quiz

Authored by Cavin Dennis Tito Siregar

Social Studies

11th Grade

Used 3+ times

Introduction to Economics Quiz
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the study of economics primarily focus on?

How to maximize profits in businesses

How to allocate scarce resources to satisfy unlimited wants

How to invest in the stock market

How to save money for future use

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the meaning of scarcity in economics?

A situation where resources are unlimited

A lack of demand for products

Resources are limited, but human wants are unlimited

Excess supply of goods

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a factor of production?

Land

Labor

Capital

Technology

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the two main branches of economics?

Macroeconomics and Microeconomics

Supply and Demand

Accounting and Finance

Business and Management

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does microeconomics study?

The behavior of governments and large institutions

The behavior of individuals and small businesses

Global economic policies

National income and output

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of opportunity cost?

The money spent on goods and services

The value of the next best alternative given up

The resources used to produce a good

The price paid for an item

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes a trade-off?

Choosing one option and giving up another

Making a decision without alternatives

Paying money to get a product

Allocating resources for future use

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