Understanding Economic Concepts and Graphs

Understanding Economic Concepts and Graphs

11th Grade

25 Qs

quiz-placeholder

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Understanding Economic Concepts and Graphs

Understanding Economic Concepts and Graphs

Assessment

Quiz

History

11th Grade

Hard

Created by

James Cherry

Used 1+ times

FREE Resource

25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a rightward shift in the demand curve indicate in a supply and demand graph?

A decrease in demand

An increase in demand

A decrease in supply

An increase in supply

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a non-price determinant of supply?

Consumer preferences

Production technology

Price of the good

Income of consumers

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a production possibility curve, what does a point inside the curve represent?

Efficient production

Inefficient production

Unattainable production

Maximum production

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the circular flow diagram illustrate?

The relationship between supply and demand

The flow of goods and services in an economy

The trade-offs between two goods

The opportunity cost of production

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is opportunity cost best defined?

The total cost of producing a good

The value of the next best alternative foregone

The monetary cost of a decision

The benefit received from a choice

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is scarcity in economic terms?

Unlimited resources

Limited resources and unlimited wants

Limited wants and unlimited resources

Unlimited resources and wants

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a trade-off?

Choosing to study instead of going out with friends

Buying a car with a loan

Saving money in a bank account

Receiving a paycheck

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