WorksheetsEconomics Quiz
Total questions: 25
Worksheet time: 13mins
What is the practice of minimizing economic cost by reducing waste and expenditures called?
Cost-Benefit Analysis
Economize
Margin
Marginal Costs
What is the term for the additional cost of producing one more unit of a good?
Marginal Benefit
Economize
Marginal Costs
Cost-Benefit Analysis
Which of the following is NOT a factor of production?
Land
Labor
Technology
Marketing
What does specialization focus on?
Increasing profits
Reducing costs
A particular good or service
Expanding market reach
What is one of the influences on the US economic system?
Cultural traditions
Technological advancements
Historical events
Political ideologies
Which factor of production is associated with machinery and tools?
Land
Labor
Capital
Entrepreneurship
What does the term 'land' refer to in factors of production?
Natural resources
Human resources
Financial resources
Technological resources
Which of the following is a goal of the US economy?
Reducing competition
Increasing government control
Economic growth
Limiting technological advancement
What is the Law of Supply?
When price goes up, supply will go down.
When price goes up, supply will go up.
When price goes down, supply will go up.
Supply remains constant regardless of price changes.
What is the term for the quantity of a product that producers are willing to make available for sale?
Demand
Supply
Equilibrium
Production
What is a boycott?
A government-imposed restriction on trade
A consumer's refusal to purchase goods or services
A company's decision to lower prices
A producer's refusal to sell goods
What is the result of competition being good for consumers?
Higher prices
Lower quality
Better choices and prices
Less variety
Which of the following best refers to the additional cost a person or firm incur to produce one more unit?
Consumer Benefit
Intersection
Marginal Benefit
Marginal Cost
Definition of Marginal Utility
the satisfaction from consumption
to total satisfaction from consuming a product
the extra satisfaction from the last unit consumed
the extra consumption from last unit consumed
Fixed or Variable?
Office rent
Fixed
Variable
Fixed or Variable?
Wages paid for factory labour?
Fixed
Variable
