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WorksheetsFun Quiz Practice
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
The best definition of economics is
a)
how choices are made under conditions of scarcity.
b)
how money is used.
c)
how goods and services are produced.
d)
how businesses maximize profits.
2.
Scarcity is a condition that exists when
a)
there is a fixed supply of resources relative to the demand for the product.
b)
there is a large demand for a product.
c)
resources are not able to meet the entire demand for a product.
d)
All of the above
3.
Opportunity cost is best defined as
a)
The cost of the next best alternative foregone
b)
The cost of producing a good or service
c)
The cost of purchasing a good or service
d)
The cost of not taking an action
4.
comparative advantage
a)
A country's ability to produce a particular good at a lower opportunity cost than another country
b)
A country's ability to produce more goods than another country
c)
A country's ability to produce goods at a lower cost than another country
d)
A country's ability to produce a particular good at a higher opportunity cost than another country
5.
Example of Slope in Economics
a)
The rate at which a company's profits increase
b)
The rate at which price changes with demand
c)
The rate at which supply changes with price
d)
The rate at which a company's revenue decreases
6.
What is the difference between slope and intercept
a)
Slope is the steepness of a line, while intercept is where the line crosses the y-axis
b)
Slope and intercept are the same
c)
Slope is where the line crosses the y-axis, while intercept is the steepness of a line
d)
Slope and intercept are both related to the x-axis
7.
Simultaneous Equations
a)
A system of equations that are solved together
b)
A type of quadratic equation
c)
A method for solving inequalities
d)
A type of differential equation
8.
What is the Dependent variable vs. Independent variable
a)
Dependent variable is the one that is being manipulated by the researcher, and the independent variable is the one that is being measured
b)
Dependent variable is the one that is being measured, and the independent variable is the one that is being manipulated by the researcher
c)
Both are variables that the researcher has no control over
d)
Both are variables that the researcher can manipulate
9.
Marginal benefit
a)
The additional satisfaction or utility that a person receives from consuming an additional unit of a good or service
b)
The total satisfaction or utility that a person receives from consuming all units of a good or service
c)
The additional cost of producing one more unit of a good or service
d)
The total cost of producing all units of a good or service
10.
Microeconomics and Macroeconomics
a)
Branches of Physics
b)
Branches of Chemistry
c)
Branches of Economics
d)
Branches of Biology
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