Understanding Economic Principles Quiz
Understanding Economic Principles Quiz
Test your knowledge of key economic principles with our engaging quiz! Whether you're a student, teacher, or just curious about economics, this quiz covers essential topics such as factors of production, efficiency, and market structures.
Key features of the quiz:
- 10 thought-provoking questions
- Multiple choice format
- Immediate feedback on your answers
Factors of production include
Land, production, labour and entrepreneurship
Land, capital, labour and entrepreneurship
Land, capital, profit and entrepreneurship
The indifference curve is concerned about the country's production and what can be produced
True
False
Define profit
A collection of resources
Net income after deductions
Total value of sales
Define efficiency
Addresses the question of how well economy's resources are used
The physical transformation of goods
Fairness and justice in the distribution of resources
Single firm, no close substitutes, significant price control
Monopoly
Perfect competition
Monopolistic competition
Oligopoly
3 Major economic flows
Production, income, spending
Production, income, profit
Production, distribution, spending
Demand is greater than the availablity
Supply
Trade- offs
Scarcity
Complementary good
Also known as a substitute
Cannot be used with another good
Adds value to another good
Marginal cost refer to the additional cost to produce one more unit
True
False
Marginal revenue refers to the additional profit yielded from producing one more unit
True
False
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