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Intro to Economics: Quick True/False

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Intro to Economics: Quick True/False

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About this activity

A short true/false econ basics quiz.

Created by

teha
teha
Malaysia

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Intro to Economics: Quick True/False
 

Intro to Economics: Quick True/FalseOnline version

A short true/false econ basics quiz.

by teha
1

The law of supply states that quantity supplied falls as price rises.

2

GDP measures the total value of goods a country exports.

3

Demand increases when price decreases, ceteris paribus.

4

Opportunity cost is the value of the next best alternative foregone.

5

Scarcity is the fundamental economic problem.

6

Markets always reach perfect competition in the real world.

7

GDP measures the market value of all final goods and services produced in a country in a period.

8

Inflation means unemployment is always high.

9

A positive externality reduces social welfare.

10

Supply curves typically slope upward as price rises.

 
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