Commerce

Commerce

7th Grade

10 Qs

quiz-placeholder

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Commerce

Commerce

Assessment

Quiz

Other

7th Grade

Hard

Created by

Anton Rajapaske

Used 41+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is cost?

Cost is the monetary value that a company spends in order to produce goods and services.

Cost is how much a person needs to spend.

Choosing the next best alternative by sacrificing another item.

Cost is the monetary value that we earn by doing a job.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Opportunity Cost?

Is the next best alternative given up by choosing another item.

Is choosing the best alternative item.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Division of Labour?

Is when people or an organization concentrate on what the do best.

When a person tries to fulfill all his needs by his own efforts.

Is when a whole task is broken into a number of small repetitive tasks.

4.

FILL IN THE BLANK QUESTION

1 min • 1 pt

What is Demand?(Explain full form)

5.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What is the law of demand?

(Choose two answers)

When the demand decreases, price increases.

When the demand increases, supply decreases

When the demand decreases, supply increases.

When the demand increases, price decreases

6.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What is the law of supply?

When the supply increases, the price increases.

When the supply decreases, the price decreases.

When the supply increases, the demand increases.

When the supply increases, the price decreases.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Is demand and price inversely related or have a negative relationship?

True

False

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