What is a central idea in thinking like an economist?

Economic Concepts and Principles

Interactive Video
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Business
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11th - 12th Grade
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Hard

Patricia Brown
FREE Resource
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Human beings make irrational choices.
Human beings make rational choices about resource allocation.
Economies are always market-based.
Resources are unlimited.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes a market?
A place where only goods are exchanged.
An arrangement where prices are set through demand and supply.
A physical place where goods are sold.
A government-controlled pricing system.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is elasticity in economic terms?
The ability of a market to expand indefinitely.
The fixed nature of prices in a market.
The responsiveness of markets to changes in variables.
The rigidity of supply and demand curves.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do economists define opportunity cost?
The total cost of all resources used.
The cost of producing one more unit of a good.
The difference between total revenue and total cost.
The value of the next best alternative foregone.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a characteristic of highly competitive markets?
Firms have monopoly power.
There are significant barriers to entry.
Firms must accept the market price.
Firms can set their own prices.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a monopoly?
A market where firms have no pricing power.
A market with no barriers to entry.
A market with many small firms.
A market dominated by a single firm.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What role does the government play in regulating markets?
It allows cartels to form freely.
It eliminates all forms of competition.
It imposes price ceilings and controls.
It ensures all firms have monopoly power.
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