Fun Quiz Practice

The best definition of economics is

• how choices are made under conditions of scarcity.

• how money is used.

• how goods and services are produced.

• how businesses maximize profits.

Scarcity is a condition that exists when

• there is a fixed supply of resources relative to the demand for the product.

• there is a large demand for a product.

• resources are not able to meet the entire demand for a product.

• All of the above

Opportunity cost is best defined as

• The cost of the next best alternative foregone
• The cost of producing a good or service
• The cost of purchasing a good or service
• The cost of not taking an action

comparative advantage

• A country's ability to produce a particular good at a lower opportunity cost than another country
• A country's ability to produce more goods than another country
• A country's ability to produce goods at a lower cost than another country
• A country's ability to produce a particular good at a higher opportunity cost than another country

Example of Slope in Economics

• The rate at which a company's profits increase
• The rate at which price changes with demand
• The rate at which supply changes with price
• The rate at which a company's revenue decreases

What is the difference between slope and intercept

• Slope is the steepness of a line, while intercept is where the line crosses the y-axis
• Slope and intercept are the same
• Slope is where the line crosses the y-axis, while intercept is the steepness of a line
• Slope and intercept are both related to the x-axis

Simultaneous Equations

• A system of equations that are solved together
• A type of quadratic equation
• A method for solving inequalities
• A type of differential equation

What is the Dependent variable vs. Independent variable

• Dependent variable is the one that is being manipulated by the researcher, and the independent variable is the one that is being measured
• Dependent variable is the one that is being measured, and the independent variable is the one that is being manipulated by the researcher
• Both are variables that the researcher has no control over
• Both are variables that the researcher can manipulate

Marginal benefit

• The additional satisfaction or utility that a person receives from consuming an additional unit of a good or service
• The total satisfaction or utility that a person receives from consuming all units of a good or service
• The additional cost of producing one more unit of a good or service
• The total cost of producing all units of a good or service

Microeconomics and Macroeconomics

• Branches of Physics
• Branches of Chemistry
• Branches of Economics
• Branches of Biology