Scarcity - True or False Question
Quiz
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
Hunter Cummings
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18 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Scarcity is the basic condition that exists when unlimited resources exceed limited wants.
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Opportunity cost is the next best alternative given up when a choice is made.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following represents a decrease in quantity demanded?
Point A to Point B
Point A to Point C
Point B to Point A
D2 to D1
4.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Which business organization(s) have unlimited liability?
sole proprietorship
partnerships
corporations
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which market structure is described by the following characteristics: many sellers, no barriers to entry, no control over product price, sellers selling identical products?
Monopoly
Oligopoly
Perfect Competition
Monopolistic Competition
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which market structure is described by the following characteristics: one seller, high barriers to entry, complete control over product price, no close substitute product?
Monopoly
Oligopoly
Perfect Competition
Monopolistic Competition
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which market structure is described by the following characteristics: many sellers, low barriers to entry, some control over product price, product differentiation?
Monopoly
Oligopoly
Perfect Competition
Monopolistic Competition
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