Economics 1

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1. Economic goods are:

  • those which are produced from scarce resources
  • those which are available for consumption
  • those which are provided by the state
  • those which are only concerned with money
  • those which only require two factors of production
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Other questions in this quiz

2. In a demand function the relationship between price and quantity demanded for a normal good is:

  • constant
  • none of the above
  • direct
  • inverse
  • linear

3. Opportunity cost is related to:

  • the cost of a substitute
  • total revenue
  • marginal cost
  • forgone alternatives
  • average cost

4. A shift of the supply curve to the left means:

  • no change in supply for the corresponding prices
  • less is supplied for the corresponding prices
  • less will be demanded
  • more is supplied for the corresponding prices
  • more will be demanded

5. Fixed costs in the short run

  • must be greater than revenue
  • vary with output
  • are fixed by the government
  • do not vary in direct proportion to output
  • include variable costs

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