S25TH - Microeconomics
Authored by Dean Kuckelman
Business
10th Grade
Used 5+ times
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96 questions
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1.
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.
2.
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.
3.
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
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
True or False. The primary focus of economics is money and finance.
True
False
5.
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
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
True or False. Scarcity arises when human wants exceed the available resources.
True
False
7.
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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