10 Questions
What does the term 'opportunity cost' refer to in economics?
The cost of the next-best alternative use of a resource
Which of the following is NOT considered a factor of production in economics?
Profit
Which of the following best describes a market economy?
An economy where the production and distribution of goods and services are determined by supply and demand
Which of the following is a characteristic of a monopolistic market structure?
A single seller with the ability to set the market price
Which of the following is a branch of economics?
Microeconomics
What is the primary goal of an economic system?
To allocate scarce resources to meet the unlimited needs and wants of individuals
Which of the following is NOT one of the factors of production?
Entrepreneurship
What is the main difference between microeconomics and macroeconomics?
Microeconomics studies individual markets, while macroeconomics studies the economy as a whole.
Which of the following is the best example of a command economy?
China
What is the primary role of the entrepreneur in a market economy?
To organize the factors of production and take on the risk of running a business
Test your knowledge on different forms of markets and market structures with this quiz. Learn about organized and less organized markets, as well as market structures like pure competition, monopoly, and monopolistic competition.
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