How people choose to allocate their time impacts _____.

Their ability to acquire goods and services

Their ability to engage in leisure activities

Their ability to get sufficient sleep.

What does scarcity mean in the context of economics?

Limited availability of goods, services, and resources

Equal distribution of resources

What is the term used to describe the production innovation introduced by Adam Smith in his book, "The Wealth of Nations"?

Division and specialization of labor

What are the two main parts that economics is divided into?

Microeconomics and Macroeconomics

Household economics and Business economics

Individual agents and Overall economy

What is the relationship between the macroeconomy and micro decisions of individuals and individual businesses?

Micro decisions, like consumer confidence, impact the macroeconomy.

Macroeconomy factors, like unemployment and interest rates, impact micro decisions.

What does the term "demand" in economics refer to?

The amount of a good or service consumers are willing and able to purchase at each price

The total number of units a producer is willing to supply

The price a buyer pays for a specific good or service

The total number of units a consumer is willing to purchase

How does a rise in the price of a good or service affect the quantity demanded?

It decreases the quantity demanded.

It has no effect on the quantity demanded.

It increases the quantity demanded.

How does a drop in the price of a good or service affect the quantity demanded?

It increases the quantity demanded.

It has no effect on the quantity demanded.

It decreases the quantity demanded.

How does a drop in the price of a good or service affect the quantity supplied?

It decreases the quantity supplied.

It has no effect on the quantity supplied.

It increases the quantity supplied.

How does an increase in the price of a good or service affect the quantity supplied?

It increases the quantity supplied.

It has no effect on the quantity supplied.

It decreases the quantity supplied.

What is the fundamental basis for demand?

Needs and wants, and ability to pay

Total number of units that consumers would purchase

Total number of units that producers are willing to supply

S25TH - Microeconomics

Authored by Dean Kuckelman

Business

10th Grade

Used 5+ times

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96 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the quantity of lawyers supplied goes up 2% for every 1% increase in attorney salaries, the elasticity of supply for attorneys is _______.

elastic

inelastic

Both of these.

Neither of these.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the quantity of lawyers demanded goes down 1% for every 2% increase in attorney salaries, the elasticity of supply for attorneys is _______.

elastic

inelastic

Both of these.

Neither of these.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary focus of economics?

Money and finance

Business

Mathematics

How humans make decisions in the face of scarcity

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True or False. The primary focus of economics is money and finance.

True

False

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True or False. Economics is the study of how individuals, families, businesses, and societies make decisions when faced with scarcity.

True

False

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True or False. Scarcity arises when human wants exceed the available resources.

True

False

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True or False. Because of scarcity, individuals must make choices about how to allocate their limited resources.

True

False

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S25TH - Microeconomics

If the quantity of lawyers supplied goes up 2% for every 1% increase in attorney salaries, the elasticity of supply for attorneys is _______.

If the quantity of lawyers demanded goes down 1% for every 2% increase in attorney salaries, the elasticity of supply for attorneys is _______.

What is the primary focus of economics?

True or False. The primary focus of economics is money and finance.

True or False. Economics is the study of how individuals, families, businesses, and societies make decisions when faced with scarcity.

True or False. Scarcity arises when human wants exceed the available resources.

True or False. Because of scarcity, individuals must make choices about how to allocate their limited resources.

What is the ultimate scarce resource for everyone?

True or False. The ultimate scarce resource for everyone, regardless of wealth, is time.

True or False. Money is the ultimate scarce resource.

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