Economics Quiz

Quiz
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others
•
9th Grade
•
Medium
Katie Pett
Used 2+ times
FREE Resource
16 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are resources called that are scarce and require decisions on how they are used within an economy?
Natural resources
Economic resources
Human resources
Capital resources
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is geographical immobility?
When workers can easily move for work
When workers are unable to move to new locations for work
When workers frequently change jobs
When workers are highly mobile
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are "Managerial economies of scale"?
Cost savings from increased production
Benefits from greater use of division of labour and specialization
Increased costs due to larger scale operations
Reduced efficiency in large organizations
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What defines a monopoly?
A market with many small firms
A single firm with over 25% market share
A market with no dominant firm
A market with only two firms
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is opportunity cost?
The cost of the next best alternative foregone
The cost of all alternatives
The cost of the chosen option
The cost of the least expensive option
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the formula for calculating price elasticity of supply?
% change in quantity supplied / % change in price
% change in price / % change in quantity supplied
% change in demand / % change in supply
% change in supply / % change in demand
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for larger firms reducing risks by selling a variety of goods or to various markets?
Risk bearing economies of scale
Purchasing economies of scale
Market diversification
Product differentiation
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