Social Studies

12th -

University

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Basic Economic Concepts

905

15 questions

  • 1. Multiple Choice
    1 minute
    1 pt

    Which of the following does Economics primarily study?

    how scarcity can be eliminated

    how firms manipulate prices

    how government influences resource allocation decisions

    the problem of scarce resources relative to human wants

  • 2. Multiple Choice
    2 minutes
    1 pt

    Suppose you have a $20 iTunes gift card with which you can buy (download) songs or videos. Songs cost $1.00 each and videos cost $2.00 each. What is the opportunity cost of one video?

    It is constant and equal to ½ song

    It is constant and equal to 2 songs

    It is $1.00

    An increases in cost as more videos are purchased

  • 3. Multiple Choice
    2 minutes
    1 pt

    If you decide to study an extra hour tonight, what would be the economic outcome?

    The marginal cost of studying an extra hour exceeds its marginal benefit.

    The marginal benefit of studying an extra hour exceeds its marginal cost.

    Studying harder will always improve your test scores.

    You will most likely get a lower than expected grade on your last exam.

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