Chapter 1 and 3 Quiz

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Complete the quiz by answering the questions correctly

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Lara Rogers

United States

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Chapter 1 and 3 Quiz


Froggy Jumps Chapter 1 and 3 QuizOnline version Complete the quiz by answering the questions correctly by Lara Rogers 1 Which of the following is not involved in a competitive market? a Government regulators b Supply c Demand 2 The satisfaction, or happiness from consuming a good or service is known as a Utility b Happiness c Positive economics 3 When will consumers purchase a good or service? a When the marginal benefit exceeds the marginal cost b When there are few alternatives c When they are on sale 4 The concept of demand can be summarized by a schedule or curve showing the quantity of a product that would be ______ a Consumed at various possible prices b Produced at various possible prices c Subsidized at various possible prices 5 ______ economic resources means limited goods and services. a Scarce b Tangible c Physical 6 What happens to demand if price increases? a It decreases b It increases c It stays the same 7 Your friend dreams of buying a brand-new luxury car but realizes it's out of their budget, so they decide to lease a more affordable, reliable sedan instead. This is an example of _____ a The economizing problem b The utility problem c The hypothetical problem 8 If the price of one product increases, the demand of the close-substitute product will cause the curve to shift to the _____ a Right b Left c Upward 9 Which area of economics studies the decision-making process of customers, workers, households, and business firms on an individual basis rather than as aggregates? a Microeconomics b Macroeconomics c Normative economics 10 What is a budget line? a A curve showing combinations of 2 products that can be purchased with a specific amount of income. b A curve showing combinations of 2 products an economy can produce with a specific # of resources c A curve showing combinations of 3 or more products a consumer can purchase at different prices 11 Which is the most likely to cause an increase in demand? a An increase in buyers b An increase in sellers c An increase in the substitution cost 12 What does the demand curve show? a The quantity demanded at each price in a series of prices. b The relationship between price and quantity supplied. c The relationship between income and spending. 13 An increase in income will _____ a Shift the budget line to the right b Shift the budget line to the left c Cause a movement down the budget line 14 Land and mineral resources, transportation and communication facilities, factories and farm buildings, equipment, tools and machinery are all examples of _____ a Scarce economic resources b Unlimited economic resources c Scarce opportunity costs 15 Which of the following is a characteristic of a competitive market? a Standardized products b A surplus of a narrow range of products c A large number of buyers but a small number of sellers 16 Which of the following does not demonstrate the law of demand? a As price increases, quantity demanded increases. b As price decreases, quantity demanded increases. c As price decreases, quantity demanded increases. 17 How are price and quantity related based on the law of demand? a Inversely related b Directly related c Positively related 18 What lists the different combinations of two products that can be produced with a specific set of resources, assuming full employment? a Production possibilities table b Budget table c Production function 19 Which of the following is not held constant when moving along a supply curve? a Product price b Number of producing firms c Assumptions on future price 20 A ______ illustrates the combination of two goods that can be produced given a specific set of resources a Production possibilities curve b Demand curve c Budget Line

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Chapter 1 and 3 Quiz

Froggy Jumps

About this activity

Created by

Download the paper version to play

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Chapter 1 and 3 QuizOnline version

by Lara Rogers

Which of the following is not involved in a competitive market?

The satisfaction, or happiness from consuming a good or service is known as

When will consumers purchase a good or service?

The concept of demand can be summarized by a schedule or curve showing the quantity of a product that would be ______

______ economic resources means limited goods and services.

What happens to demand if price increases?

Your friend dreams of buying a brand-new luxury car but realizes it's out of their budget, so they decide to lease a more affordable, reliable sedan instead. This is an example of _____

If the price of one product increases, the demand of the close-substitute product will cause the curve to shift to the _____

Which area of economics studies the decision-making process of customers, workers, households, and business firms on an individual basis rather than as aggregates?

What is a budget line?

Which is the most likely to cause an increase in demand?

What does the demand curve show?

An increase in income will _____

Land and mineral resources, transportation and communication facilities, factories and farm buildings, equipment, tools and machinery are all examples of _____

Which of the following is a characteristic of a competitive market?

Which of the following does not demonstrate the law of demand?

How are price and quantity related based on the law of demand?

What lists the different combinations of two products that can be produced with a specific set of resources, assuming full employment?

Which of the following is not held constant when moving along a supply curve?

A ______ illustrates the combination of two goods that can be produced given a specific set of resources