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WorksheetsExamining Economic Factors - Quizizz
Total questions: 11
Worksheet time: 6mins
Which statement is true about capital goods?
They increase production costs
They increase the production of goods
They decrease the productivity of labor
They decrease the productivity of management
Which of the following add to the quality of life?
Economic Needs
Study of Economics
Economic Wants
Ratio analysis
Why does utility differ for each consumer?
We all have different preferences
It doesn't, utility is the same for everyone
Due to communism
Because of natural resources
Privatization occurs when:
a company issues stock
the government takes over a business
a government transfers to a business its authority to provide a good or service
a business goes bankrupt
A product's market price (or equilibrium) is the price at which
the producer can no longer meet costs
the producer sells at a manageable loss
consumer demand begins to drop
supply and demand are equal
If it costs me $6 to make a burger and I want to earn a profit of $3 per burger, what price should I sell it for?
$6
$3
$9
$12
A political-economy system where resources are allocated by individuals based on competition is:
Capitalism
Socialism
Communism
Marxism
What are costs that exist regardless of if you are producing a product (like rent or interest on debt)
variable costs
fixed costs
equilibrium
surplus
What typically occurs during a period of high inflation?
Total supply exceeds demand
Prices rise rapidly
The purchasing power of money rises
Prices slowly decline
The number of products that will be bought at a given time at a given price
demand
supply
price
equilibrium
During the COVID pandemic, unemployment briefly reached about 15%. If you owned a business, what would you expect would happen to your revenue?
It would stay the same
It would increase
It would decrease
