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