
FDNB1044 Economics MCQ Quiz
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Business
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University
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Practice Problem
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Medium
LERRY MEHOI
Used 2+ times
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80 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Scarcity in economics means:
Unlimited resources, unlimited wants
Limited resources, unlimited wants
Unlimited resources, limited wants
Limited resources, limited wants
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The Production Possibility Curve (PPC) shows:
Maximum possible output combinations of two goods
Actual production in an economy
The demand for goods in the market
Government spending
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Opportunity cost is:
The cost of producing one more unit
The next best alternative forgone
The amount of money spent on production
The profit earned from production
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
If moving from point C to D on the PPC requires giving up 1.5 kg of grapes to gain 1 kg of apples, the opportunity cost of 1 kg of apples is:
1.5 kg grapes
1 kg grapes
2 kg grapes
0.5 kg grapes
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A movement along a demand curve occurs when:
Price changes
Consumer income changes
Tastes change
Technology changes
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A shift in the demand curve occurs when:
Price of the good changes
Only supply changes
Non-price factors change
Quantity supplied changes
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Normal goods have:
Positive relationship with income
Negative relationship with income
No relationship with income
Constant demand regardless of income
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