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Economics Quiz

Authored by Abdelmonim Mohamed

Science

University

30 Questions

Used 2+ times

Economics Quiz
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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary concern of economists?

Studying human wants and needs

Focusing on the development of new technologies

Understanding political systems

Analyzing environmental factors

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does scarcity refer to in economics?

Limited desires and wants

Limited resources to meet unlimited wants

Unlimited resources for limited wants

Uncontrolled economic growth

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a basic definition of economics?

Study of how people make choices with limited resources

Study of the ways in which society produces goods and services

Study of government regulation of businesses

Study of human material wants and their satisfaction

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does microeconomics primarily focus on?

National economic policies

Broad economic aggregates

Individual decision-making units like consumers and firms

International trade relations

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a normative economic statement?

"Healthcare should be provided free to all citizens."

"The unemployment rate is 5%."

"The inflation rate has decreased by 2%."

"Consumers are buying more durable goods."

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does opportunity cost refer to?

The money lost in economic transactions

The value of the next best alternative forgone

The total cost of producing goods and services

The increase in income from economic activity

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a monopoly market structure involve?

Multiple firms competing for the same market

A single firm controlling the market

Perfect competition with no barriers to entry

Many producers with no pricing power

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