
Economics Quiz
Quiz
•
Social Studies
•
12th Grade
•
Hard

Morris Williams
Used 3+ times
FREE Resource
37 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the fundamental problem that economics attempts to address?
Determining the appropriate level of government spending in an economy
How to maintain full employment output
How to fulfill unlimited wants with limited resources
What policies will stimulate the most economic growth
Whether or not to restrict international trade to achieve more favorable terms of trade
Answer explanation
The fundamental problem of economics is how to fulfill unlimited wants with limited resources. This choice highlights the core issue of scarcity, which drives economic decision-making and resource allocation.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following describes scarcity?
Wants are limited.
Wants exceed resources.
Resources are unlimited.
Resources are fully employed.
Resources are allocated efficiently.
Answer explanation
Scarcity occurs when wants exceed resources, meaning there are not enough resources to satisfy all desires. This highlights the fundamental economic problem of limited resources against unlimited wants.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following describes the law of supply?
An increase in the price of a good will decrease the quantity demanded.
The price of a good will increase if production input costs increase.
An increase in taxes will decrease the supply of a good.
An increase in the number of sellers will increase the supply of a good.
An increase in the price of a good will increase the quantity supplied.
Answer explanation
The law of supply states that as the price of a good increases, producers are willing to supply more of it. Therefore, an increase in the price of a good will increase the quantity supplied.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Any point inside a production possibilities curve is
better than points on the production possibilities curve.
allocatively efficient but technologically inefficient.
associated with inefficient use or unemployment of some resources.
associated with movements along the production possibilities curve.
associated with constant opportunity costs.
Answer explanation
Any point inside a production possibilities curve indicates that resources are not being used efficiently, leading to potential unemployment of some resources, making this choice the correct answer.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The diagram below shows the production possibilities curve for an economy that produces only two goods: X and Y. The opportunity cost of moving production from point R to point T is
one unit of Good Y
five units of Good Y
six units of Good Y
three units of Good X
seven units of Good X
Answer explanation
To find the opportunity cost of moving from point R to point T, we look at the decrease in Good Y produced. The curve shows a decrease of six units of Good Y, making the correct answer six units of Good Y.
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The table above shows the quantity demanded and quantity supplied for bushels of wheat at various prices. Which of the following combinations is the equilibrium price and quantity for wheat?
$1.50, 20,000 bushels
$1.25, 25,000 bushels
$1.00, 30,000 bushels
$0.75, 35,000 bushels
$2.00, 10,000 bushels
Answer explanation
The equilibrium price occurs where quantity demanded equals quantity supplied. At $1.50, both demand and supply are 20,000 bushels, making it the correct equilibrium price and quantity for wheat.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is always true of an economy operating on its production possibilities frontier?
Its resources are fully employed.
It is allocatively efficient.
It cannot trade with other nations because it is the most efficient producer of tradeable goods.
It will necessarily operate on the same frontier the following year.
It must be a command economy.
Answer explanation
An economy on its production possibilities frontier uses all its resources efficiently, meaning they are fully employed. This is the defining characteristic of such an economy.
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