What is the basic economic problem concerned with?

Basic Economic Concepts Quiz

Quiz
•
Business
•
10th Grade
•
Hard
Claire Martina
FREE Resource
55 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How to increase production of goods
How to allocate scarce resources to satisfy unlimited needs and wants
How to reduce government spending
How to maximize profits for businesses
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who are considered economic agents?
Only government officials
Only private companies
Households and firms in the private sector, and the government
Only international organizations
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main aim of the private sector?
To provide public services
To earn profit for its owners
To regulate the economy
To reduce unemployment
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are goods?
Non-physical items like services
Physical items such as tables, cars, toothpaste, and pencils
Digital products like software
Only luxury items
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is opportunity cost?
The cost of producing a good
The value of the next best alternative foregone
The total cost of all resources used
The profit made from a decision
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of market disequilibrium?
When the price for a product is too high or too low, resulting in excess supply or demand.
When the market is perfectly balanced with no excess supply or demand.
When the demand for a product is equal to its supply.
When the price mechanism fails to allocate resources.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does the price mechanism function in a market?
By relying on market forces of demand and supply to allocate resources.
By setting fixed prices for all goods and services.
By government intervention to control prices.
By ensuring all products are sold at a loss.
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