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Amazing Eco Quiz

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8th Grade - University

Used 1+ times

Amazing Eco Quiz
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6 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Basic economics concepts

Scarcity, choice & wants

Scarcity, choice & second best alternative to let go

Scarcity, overhead cost & choice

Scarcity, choice & needs

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A resource is scarce if supply exceeds demand at zero price

True

False

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

When a market is in equilibrium

The market is cleared by the equilibrium price

Excess demand and excess supply are two

Quantity demanded equals quantity supplied

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A real value can be derived from a nominal value by

adjusting for changes over time

adjusting for changes in prices

adjusting for data collection errors

adjusting for population changes

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When we know the quantity of a product that buyers wish to purchase at each possible price, we know

Excess supply

Excess demand

Demand

Supply

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Supply is the quantity of a good sellers wish to sell each time the market opens

TRUE

FALSE

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