Educational Quiz Builder: Document-Based Questions

Froggy Jumps

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Topic-driven quiz game

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Rheynalyn Bagallon

Philippines

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Froggy Jumps Educational Quiz Builder: Document-Based QuestionsOnline version Topic-driven quiz game by Rheynalyn Bagallon 1 What is the fundamental problem every economy faces? a Perfect information b Scarcity of resources c Abundance of goods 2 What does opportunity cost mean in decision making? a The next best alternative forgone b The total cost of all options c A risk-free choice 3 According to the Law of Demand, what happens when price falls (ceteris paribus)? a Quantity demanded stays the same b Quantity demanded increases c Demand shifts leftward 4 What defines a market equilibrium price? a Surplus is always zero b P rises regardless of quantity c Qd = Qs 5 What causes a movement along the demand curve? a A change in tastes b A shift in income c A change in price 6 What is marginal cost in decision making? a Average cost of all units b Total cost of all units c The cost of producing one more unit 7 Which statement best describes a market in perfect competition? a Barriers prevent entry b A single seller controls price c Many buyers and sellers, identical goods 8 What is the difference between positive and normative economics? a Both are value judgments only b Positive is opinion-based; normative is data-driven c Positive describes facts; normative prescribes judgments 9 What does the Production Possibility Frontier illustrate? a Only technology limits production b Prices determine output levels c Scarcity, trade-offs, and opportunity costs 10 Which factor can shift the entire demand curve to the right? a Increase in income (for a normal good) b A price change of the good c A decrease in population

Froggy Jumps

Educational Quiz Builder: Document-Based QuestionsOnline version

Topic-driven quiz game

by Rheynalyn Bagallon

What is the fundamental problem every economy faces?

Perfect information

Scarcity of resources

Abundance of goods

What does opportunity cost mean in decision making?

The next best alternative forgone

The total cost of all options

A risk-free choice

According to the Law of Demand, what happens when price falls (ceteris paribus)?

Quantity demanded stays the same

Quantity demanded increases

Demand shifts leftward

What defines a market equilibrium price?

Surplus is always zero

P rises regardless of quantity

Qd = Qs

What causes a movement along the demand curve?

A change in tastes

A shift in income

A change in price

What is marginal cost in decision making?

Average cost of all units

Total cost of all units

The cost of producing one more unit

Which statement best describes a market in perfect competition?

Barriers prevent entry

A single seller controls price

Many buyers and sellers, identical goods

What is the difference between positive and normative economics?

Both are value judgments only

Positive is opinion-based; normative is data-driven

Positive describes facts; normative prescribes judgments

What does the Production Possibility Frontier illustrate?

Only technology limits production

Prices determine output levels

Scarcity, trade-offs, and opportunity costs

Which factor can shift the entire demand curve to the right?

Increase in income (for a normal good)

A price change of the good

A decrease in population

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Educational Quiz Builder: Document-Based Questions

Froggy Jumps

About this activity

Created by

Download the paper version to play

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Froggy Jumps

Educational Quiz Builder: Document-Based QuestionsOnline version

by Rheynalyn Bagallon

What is the fundamental problem every economy faces?

What does opportunity cost mean in decision making?

According to the Law of Demand, what happens when price falls (ceteris paribus)?

What defines a market equilibrium price?

What causes a movement along the demand curve?

What is marginal cost in decision making?

Which statement best describes a market in perfect competition?

What is the difference between positive and normative economics?

What does the Production Possibility Frontier illustrate?

Which factor can shift the entire demand curve to the right?

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