Lesson 1

Lesson 1

University

15 Qs

quiz-placeholder

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Lesson 1

Lesson 1

Assessment

Quiz

Other

University

Practice Problem

Easy

Created by

Leesha Ms.Leesha Fahmy

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does scarcity refer to?

Unlimited resources

Insufficient resources to satisfy wants

Excess production

Unlimited wants and unlimited resources

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a factor of production?

Land

Capital

Money

Entrepreneurship

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Gross Domestic Product (GDP) measures:

Total value of goods produced by a country’s citizens only

Total market value of all final goods and services produced within a country

Total income earned by residents abroad

Total exports minus imports

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Consumer Price Index (CPI) measures:

The average price of capital goods

Changes in the price level of a basket of consumer goods and services

The total value of goods produced

Government spending

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Unemployment rate is calculated as:

Number of employed persons ÷ Total population

Number of unemployed persons ÷ Total labor force

Number of unemployed persons ÷ Total population

Number of employed persons ÷ Labor force

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Demand-pull inflation is caused by:

Excess demand over supply

Increase in production costs

Decrease in money supply

Government price controls

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Cost-push inflation occurs when:

Productivity increases

Money supply decreases

Demand exceeds supply

Prices increase due to higher production costs

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