Economics & Admin Quiz

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Basics of econ & admin

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Froggy Jumps Economics & Admin QuizOnline version Basics of econ & admin by m 1 What does opportunity cost represent in decision making? a The price paid for a good or service b The value of the next best alternative forgone c The total cost of all inputs used 2 GDP measures what in an economy? a The total government debt b The market value of all final goods and services produced c The average income of households 3 Law of demand states that, ceteris paribus, as price falls: a Quantity demanded rises b Quantity demanded falls c Supply increases 4 Which factor causes a shift in the demand curve? a A non-price determinant like income or tastes b A change in tax rate c A change in production technology 5 What is fiscal policy primarily about? a Central bank interest rates b Trade policy adjustments c Government spending and taxation decisions 6 What is the main purpose of managerial accounting? a Prepare external financial statements b Provide information for internal planning and control c Set government budgets 7 Opportunity cost vs explicit cost: which includes implicit costs? a Opportunity cost b Explicit cost c Fixed cost 8 Which market structure has many buyers and sellers and product differentiation? a Perfect competition b Monopolistic competition c Oligopoly 9 What does a break-even analysis determine? a Output level where total cost equals total revenue b Optimal inventory level c Profit maximum point 10 What is the basic principle of administration? a Rigid adherence to plans without flexibility b Coordination of resources to achieve goals c Maximizing profits at any cost

Froggy Jumps

Economics & Admin QuizOnline version

Basics of econ & admin

by m

What does opportunity cost represent in decision making?

The price paid for a good or service

The value of the next best alternative forgone

The total cost of all inputs used

GDP measures what in an economy?

The total government debt

The market value of all final goods and services produced

The average income of households

Law of demand states that, ceteris paribus, as price falls:

Quantity demanded rises

Quantity demanded falls

Supply increases

Which factor causes a shift in the demand curve?

A non-price determinant like income or tastes

A change in tax rate

A change in production technology

What is fiscal policy primarily about?

Central bank interest rates

Trade policy adjustments

Government spending and taxation decisions

What is the main purpose of managerial accounting?

Prepare external financial statements

Provide information for internal planning and control

Set government budgets

Opportunity cost vs explicit cost: which includes implicit costs?

Opportunity cost

Explicit cost

Fixed cost

Which market structure has many buyers and sellers and product differentiation?

Perfect competition

Monopolistic competition

Oligopoly

What does a break-even analysis determine?

Output level where total cost equals total revenue

Optimal inventory level

Profit maximum point

What is the basic principle of administration?

Rigid adherence to plans without flexibility

Coordination of resources to achieve goals

Maximizing profits at any cost

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Economics & Admin Quiz

Froggy Jumps

About this activity

Created by

Download the paper version to play

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Economics & Admin QuizOnline version

by m

What does opportunity cost represent in decision making?

GDP measures what in an economy?

Law of demand states that, ceteris paribus, as price falls:

Which factor causes a shift in the demand curve?

What is fiscal policy primarily about?

What is the main purpose of managerial accounting?

Opportunity cost vs explicit cost: which includes implicit costs?

Which market structure has many buyers and sellers and product differentiation?

What does a break-even analysis determine?

What is the basic principle of administration?

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