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

10th Grade

•

96 Qs

Similar activities

PF Lesson 1 - 4

9th - 12th Grade

•

95 Qs

Certification Test Study Guide 3

9th - 12th Grade

•

100 Qs

POBF Unit 7 LAPs test

9th - 12th Grade

•

99 Qs

ESB Vocabulary

9th - 12th Grade

•

93 Qs

CCR Unit 2 Vocabulary

6th - 12th Grade

•

91 Qs

S24TH2ndHALF - FINAL - BUSINESS MANAGEMENT

10th Grade

•

101 Qs

Business Management Certification

10th Grade

•

99 Qs

Creating a Personal Budget Key Concepts

10th Grade - University

•

93 Qs

S25TH - Microeconomics

Quiz

•

Business

•

10th Grade

•

Practice Problem

•

Medium

Dean Kuckelman

Used 5+ times

FREE Resource

96 questions

Show all answers

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

Create a free account and access millions of resources

Create resources

Host any resource

Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever

or continue with

Microsoft

Apple

Others

Already have an account?

Similar Resources on Wayground

100 questions

Entrepreneurship Quiz

Quiz

•

10th Grade

100 questions

Supply Chain Management Quiz

Quiz

•

10th Grade

100 questions

Compliance with Laws and Regulations in Business

Quiz

•

10th Grade

100 questions

Spring 24 BIM I Final Exam Review

Quiz

•

10th Grade

100 questions

Fall 2020 Accounting 1 Mid-Term

Quiz

•

9th - 12th Grade

100 questions

Financial Literacy 100-Questions

Quiz

•

9th - 12th Grade

Popular Resources on Wayground

25 questions

Multiplication Facts

Quiz

•

5th Grade

15 questions

4:3 Model Multiplication of Decimals by Whole Numbers

Quiz

•

5th Grade

10 questions

The Best Christmas Pageant Ever Chapters 1 & 2

Quiz

•

4th Grade

12 questions

Unit 4 Review Day

Quiz

•

3rd Grade

20 questions

Christmas Trivia

Quiz

•

6th - 8th Grade

18 questions

Kids Christmas Trivia

Quiz

•

KG - 5th Grade

14 questions

Christmas Trivia

Quiz

•

5th Grade

15 questions

Solving Equations with Variables on Both Sides Review

Quiz

•

8th Grade

Discover more resources for Business

16 questions

BizInnovator Startup - Crunching the Numbers

Quiz

•

9th - 12th Grade

20 questions

Investing for Retirement

Quiz

•

10th - 12th Grade

10 questions

BizInnovator Startup - Firm Up Your Value Proposition

Quiz

•

9th - 12th Grade

S25TH - Microeconomics

96 questions

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.

Create a free account and access millions of resources

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Business