What is opportunity cost?
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Fixed cost
-
Lost alternative
-
Total profit
-
Extra expense
Which of the following is an example of a Giffen good?
Electronics
Car
Bread
Design clothes
What is the primary goal of production in economics?
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Maximize profit
-
Increase employment
-
Reduce costs
-
satisfying wants
Which of the following is a public good?
National Defense
Restaurant
Apartment
Private school
How do firms maximize production efficiency?
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Increasing technology
-
Decreasing supply
-
Lowering wages
-
Reducing labor
Who is responsible for demand in a market economy?
-
Producers
-
Consumers
-
Sellers
-
Government
Which type of good has an income elasticity greater than 1?
-
Giffen good
-
Normal good
-
Luxury good
-
Inferior good
Which is an example of complementary goods?
Cars and Bicycles
Shoes and Socks
Tea and Coffee
Printer and Ink
Why do people face scarcity?
-
Overproduction
-
Limited resources
-
Unlimited resources
-
Limited wants
Which is a characteristic of a want?
-
Temporary
-
Inherent
-
Essential
-
Unlimited
