Economics 10 Q1 - Demand

Economics 10 Q1 - Demand

10th Grade

10 Qs

quiz-placeholder

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Economics 10 Q1 - Demand

Economics 10 Q1 - Demand

Assessment

Quiz

Financial Education

10th Grade

Medium

Created by

Marco Correa Barrera

Used 2+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

1. Which of the following is an example of the factor of production known as "land"?

Factory workers

A machine used for production

A river used to generate hydroelectric power

The skills and knowledge of a software engineer

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Opportunity cost is best defined as:

The total money spent on goods and services

The benefit of the next best alternative that is foregone when a choice is made

The additional benefit gained from consuming one more unit of a good

The price of a product in a competitive market

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If a country chooses to produce 100,000 cars instead of 50,000 trucks, the opportunity cost of producing the cars is:

The cost of materials used to produce cars

The total number of trucks produced

The 50,000 trucks that could have been produced

The profit earned from selling cars

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The law of demand states that, ceteris paribus:

As the price of a good increases, the demand for that good also increases

As the price of a good decreases, the demand for that good increases

As the price of a good decreases, supply increases

As the price of a good increases, the supply decreases

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A movement along the demand curve is caused by:

A change in consumer income

A change in the price of the good itself

A change in the price of a substitute good

A change in consumer preferences

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following will cause a shift to the right in the demand curve for smartphones?

An increase in the price of smartphones

A fall in consumer incomes

A rise in the price of a complementary good, such as phone cases

A positive change in consumer tastes favoring smartphones

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

7. Which of the following would most likely lead to a decrease in the demand for cars?

An increase in the price of gasoline

A decrease in the price of cars

A rise in consumer incomes

A decrease in the price of car insurance

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