EDAC Trivia Night

EDAC Trivia Night

University

51 Qs

quiz-placeholder

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EDAC Trivia Night

EDAC Trivia Night

Assessment

Quiz

Other

University

Practice Problem

Hard

Created by

Molly Bergstrom

Used 2+ times

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51 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which of the following are factors of production?

Land

Labor

Capital

Consumption

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term "marginal utility" refer to?

Total satisfaction from a product

The benefit gained from consuming one additional unit

Cost of producing one more unit

Economic surplus

3.

FILL IN THE BLANK QUESTION

1 min • 1 pt

A(n) __________ is a good that consumers demand more of as their income increases.

4.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What is the opportunity cost of attending college?

Tuition and fees

Increased future earnings

Increased knowledge

Lost wages from working full-time

5.

FILL IN THE BLANK QUESTION

1 min • 1 pt

A price __________ is a legally established maximum price for a good.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What causes a movement along the demand curve?

Change in market size

Change in consumer preferences

Change in price of the good

Change in income

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which market structure features a single seller?

Monopoly

Oligopoly

Perfect competition

Monopsony

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