Economics Quiz

Economics Quiz

Assessment

Quiz

English

University

Practice Problem

Easy

Created by

Trần Thị Thu Hiền

Used 3+ times

FREE Resource

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18 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A rational decision maker takes an action only if the

marginal benefit is less than the marginal cost.

marginal benefit is greater than the marginal cost.

average benefit is greater than the average cost.

marginal benefit is greater than both the average cost and the marginal cost.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When computing the opportunity cost of attending a concert you should include

the price you pay for the ticket and the value of your time.

the price you pay for the ticket, but not the value of your time.

the value of your time, but not the price you pay for the ticket.

neither the price of the ticket nor the value of your time.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is the study of

production methods.

how society manages its scarce resources.

how households decide who performs which tasks.

the interaction of business and government.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the circular-flow diagram, which of the following is not a factor of production?

labor

land

capital

money

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these terms are used interchangeably?

"goods and services" and "inputs"

"goods and services" and "factors of production"

"inputs" and "factors of production"

"land, labor, and capital" and "goods and services"

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The two loops in the circular-flow diagram represent

the flow of goods and the flow of services.

the flow of dollars and the flow of financial assets.

the flow of inputs into production processes and the flow of outputs from production processes.

the flows of inputs and outputs and the flow of dollars.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Production is efficient if the economy is producing at a point

on the production possibilities frontier.

outside the production possibilities frontier.

on or inside the production possibilities frontier.

inside the production possibilities frontier.

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