ECONOMICS REVISION
Authored by JONES OLUWATOSIN
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10th Grade
Used 10+ times
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30 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following best defines opportunity cost?
The cost of producing an additional unit of a good
The cost of producing a good relative to the cost of producing other goods
The value of the next best alternative that must be given up to obtain something
The total cost of producing a good, including both explicit and implicit costs
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a factor of production?
Land
Labour
Capital
Money
3.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
The production possibility curve (PPC) represents:
The maximum output that an economy can produce given its resources and technology
The minimum output that an economy can produce given its resources and technology
The distribution of resources and income in an economy
The consumer preferences and demand in an economy
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a characteristic of a perfectly competitive market?
Few sellers with differentiated products
Barriers to entry for new firms
Price-setting power for individual sellers
Many buyers and sellers with identical products
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term used to describe the measure of responsiveness of quantity demanded to a change in price?
Elasticity
Equilibrium
Utility
Law of variable proportion
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following represents revenue?
Cost of goods sold
Rent expense
Sales
Manufacturing overhead
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which is break even?
TR - TC
TR / TC
TR = TC
TR < TC
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