Economics Basics Quiz
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Questions and Answers

Which option defines scarcity in economics?

  • Limited wants and unlimited resources
  • Unlimited resources
  • Equilibrium of wants and resources
  • Limited resources and unlimited wants (correct)

    • What is the opportunity cost of a choice?

  • The cost of raw materials used in production
  • The value of the next best alternative foregone (correct)
  • The cost of a good or service in terms of money
  • The cost of producing one more unit of a good or service

    • What is the typical shape of a Production Possibility Curve (PPC)?

  • Concave to the origin (correct)
  • Convex to the origin
  • Circular
  • Linear

    • What does allocation of resources refer to?

    <p>Utilization of resources to produce goods and services</p> Signup and view all the answers

    What is the effect of division of labor on efficiency?

    <p>Increased efficiency</p> Signup and view all the answers

    What is a characteristic of a mixed economic system?

    <p>Has both private and government-controlled resources</p> Signup and view all the answers

    What is the shape of the demand curve faced by a firm in a perfectly competitive market?

    <p>Perfectly elastic</p> Signup and view all the answers

    What is total revenue equal to?

    <p>Price multiplied by quantity sold</p> Signup and view all the answers

    What is the major difference between a mixed economy and a command economy?

    <p>Level of government intervention</p> Signup and view all the answers

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