Quiz 01

Opportunity costs is MOST RELATED which concept? 

• price floors

• scarcity 

•  elasticity

• absolute advantage

Competition and free enterprise are most common in which type of economic system? 

• traditional

• market

• communist

• planned

What is quantity of a good or service that producers sell at a market price?

• supply

• demand

• law of demand

• law of supply

What type of income elasticity of demand does this image show:

• High elastic

• Low elastic

• Zero elastic

• Negative elastic

What is the main economic problem faced by the society?

• Unemployment

• Poverty

• Scarcity

• Inequality