
Economic Concepts and Principles

Interactive Video
•
Business
•
11th - 12th Grade
•
Hard

Patricia Brown
FREE Resource
Read more
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a central idea in thinking like an economist?
Human beings make irrational choices.
Human beings make rational choices about resource allocation.
Economies are always market-based.
Resources are unlimited.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes a market?
A place where only goods are exchanged.
An arrangement where prices are set through demand and supply.
A physical place where goods are sold.
A government-controlled pricing system.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is elasticity in economic terms?
The ability of a market to expand indefinitely.
The fixed nature of prices in a market.
The responsiveness of markets to changes in variables.
The rigidity of supply and demand curves.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do economists define opportunity cost?
The total cost of all resources used.
The cost of producing one more unit of a good.
The difference between total revenue and total cost.
The value of the next best alternative foregone.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a characteristic of highly competitive markets?
Firms have monopoly power.
There are significant barriers to entry.
Firms must accept the market price.
Firms can set their own prices.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a monopoly?
A market where firms have no pricing power.
A market with no barriers to entry.
A market with many small firms.
A market dominated by a single firm.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What role does the government play in regulating markets?
It allows cartels to form freely.
It eliminates all forms of competition.
It imposes price ceilings and controls.
It ensures all firms have monopoly power.
Create a free account and access millions of resources
Similar Resources on Wayground
6 questions
Monopoly Graph Practice- Microeconomics

Interactive video
•
11th Grade - University
6 questions
Natural Monopoly Concepts and Implications

Interactive video
•
11th - 12th Grade
11 questions
Market Structures and Competition Concepts

Interactive video
•
10th - 12th Grade
11 questions
Market Structures and Pricing

Interactive video
•
10th - 12th Grade
11 questions
Monopoly Market Dynamics and Effects

Interactive video
•
11th - 12th Grade
6 questions
Micro 3.5 Perfect Competition in the Short Run: Econ Concepts in 60 Seconds Advanced Placement

Interactive video
•
11th Grade - University
11 questions
Understanding Perfectly Competitive Markets

Interactive video
•
10th - 12th Grade
6 questions
Market Competition: Understanding Perfect Competition and Monopoly

Interactive video
•
11th Grade - University
Popular Resources on Wayground
18 questions
Writing Launch Day 1

Lesson
•
3rd Grade
11 questions
Hallway & Bathroom Expectations

Quiz
•
6th - 8th Grade
11 questions
Standard Response Protocol

Quiz
•
6th - 8th Grade
40 questions
Algebra Review Topics

Quiz
•
9th - 12th Grade
4 questions
Exit Ticket 7/29

Quiz
•
8th Grade
10 questions
Lab Safety Procedures and Guidelines

Interactive video
•
6th - 10th Grade
19 questions
Handbook Overview

Lesson
•
9th - 12th Grade
20 questions
Subject-Verb Agreement

Quiz
•
9th Grade
Discover more resources for Business
40 questions
Algebra Review Topics

Quiz
•
9th - 12th Grade
19 questions
Handbook Overview

Lesson
•
9th - 12th Grade
40 questions
LSHS Student Handbook Review: Pages 7-9

Quiz
•
11th Grade
20 questions
Scalars, Vectors & Graphs

Quiz
•
11th Grade
62 questions
Spanish Speaking Countries, Capitals, and Locations

Quiz
•
9th - 12th Grade
10 questions
Solving Equations Opener

Quiz
•
11th Grade
20 questions
First Day of School

Quiz
•
6th - 12th Grade
6 questions
Maier - AMDM - Unit 1 - Quiz 1 - Estimation

Quiz
•
12th Grade