
Unit 3 Test Econ Quizs
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Business
9th - 12th Grade

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20 questions
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1.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
What is the law of demand?
As price increases, demand increases
As price increases, demand decreases
As price decreases, demand decreases
Demand is not affected by price
2.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Which of the following would be a natural resource?
3.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
What are costs that have already been incurred, that can never be recovered, called?
lost costs
sunk costs
dead costs
wasted costs
4.
FILL IN THE BLANK QUESTION
15 mins • 1 pt
Revenue - Production Cost =
5.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
A company is deciding whether to produce more units of a product. Which cost should it consider to make this decision?
Sunk cost
Marginal cost
Fixed cost
Opportunity cost
6.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
A company is considering whether to enter a perfectly competitive market. What strategic factor should it consider before entering?
Ability to set prices above market rate
Barriers to entry are high
Products are highly differentiated
The ease of entry and the inability to control prices
7.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Which of the following best describes the relationship between supply and price?
As price increases, supply decreases
As price increases, supply increases
Supply is not affected by price
As price decreases, supply increases
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