Unit 1 EPF Study Guide - Spring25

Unit 1 EPF Study Guide - Spring25

11th Grade

28 Qs

quiz-placeholder

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Unit 1 EPF Study Guide - Spring25

Unit 1 EPF Study Guide - Spring25

Assessment

Quiz

others

11th Grade

Practice Problem

Easy

Created by

Robert Sharpe

Used 8+ times

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28 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

Opportunity Cost is best defined as:

A) The cost of producing a good.
B) The value of the next best alternative forgone.
C) The expenses incurred in a transaction.
D) The price difference between goods.

2.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

Which of the following best defines a Market Economy?

Option 1A) An economy where the government makes all economic decisions.
B) An economy based on supply and demand with minimal government intervention.
C) An economy that combines elements of both capitalism and socialism.
D) An economy that relies heavily on barter systems.

3.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

Per capita GDP is defined as:

A) The total GDP of a country divided by its population.
B) The GDP of a country without inflation adjustments.
C) The GDP of a country during a recession.
D) The GDP of a country at its peak.

4.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

In a Command Economy, economic decisions are made by:

A) Individual consumers and producers.
B) A central authority or government.
C) Market forces.
D) Private businesses.

5.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

A Mixed Economy combines:

A) Socialism and communism.
B) Elements of both market and command economies.
C) Only government ownership of resources.
D) Barter systems and market forces.

6.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

The Law of Demand states that:

A) As prices increase, demand decreases.
B) Demand remains constant regardless of price.
C) Higher prices lead to higher demand.
D) Demand is not affected by consumer preferences.

7.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

Demand Elasticity measures:

A) The sensitivity of quantity demanded to price changes.
B) The total demand in an economy.
C) The fixed nature of demand regardless of price.
D) The relationship between demand and supply.

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