Economics Review Quiz: MCQ

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Economics basics quiz

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Sukanya Mcleish

Jamaica

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Economics Review Quiz: MCQ


Froggy Jumps Economics Review Quiz: MCQVersión en línea Economics basics quiz por Sukanya Mcleish 1 Which law describes how price and quantity demanded move inversely? a Law of Demand b Law of Equilibrium c Law of Supply 2 A rightward shift of the demand curve indicates: a Decrease in demand at every price b Increase in demand at every price c Decrease in quantity demanded 3 What causes a movement along the demand curve? a A change in prices of related goods b A change in price of the good c A change in consumer incomes 4 Which factor would shift the supply curve to the left? a Higher input costs b Technological improvement c A decrease in taxes on producers 5 What does the Production Possibility Frontier illustrate? a Elasticity of demand b Trade-offs and opportunity costs c Market equilibrium 6 On the PPF, points inside the curve indicate: a Unattainable production b Efficient production c Underutilization of resources 7 If an economy is on the PPF, producing more of one good requires: a Maintaining the same mix of goods b Producing less of the other good c Increasing overall output 8 Which statement best describes scarcity in economics? a Unlimited wants but limited resources b Abundance of resources c Resources can always meet demand 9 Nature of economics is best summarized as: a Focus on only macro issues b Only about personal finance c Study of how societies allocate scarce resources 10 A movement along the supply curve is caused by: a A change in technology b A change in government policy c A change in price of the good 11 The relationship between price and Quantity supplied is best described as: a Inverse b Indirect c Direct 12 What is a sole trader? a A business owned and run by one person b A company owned by a few shareholders c A nonprofit organization 13 What defines a partnership in business? a Limited liability for all partners b Shared ownership and profits among partners c Publicly traded shares on a stock exchange 14 What characterizes a private limited company (Ltd)? a Unlimited liability for all directors b Shares sold to the general public c Share capital not offered to the public and limited liability 15 What distinguishes a public limited company ( plc )? a Operates without a legal identity b Can offer shares to the public with limited liability c Cannot issue shares to anyone 16 What is the primary focus of the primary sector? a Manufacturing of finished goods b Extraction of raw materials c Providing professional services 17 What does the secondary sector involve? a Raw material extraction b Manufacturing and processing of goods c Retail and distribution 18 What activities belong to the tertiary sector? a Providing services to customers b Heavy manufacturing c Extraction of minerals 19 Which business form typically has the easiest setup and full control? a Public limited company b Sole trader c Private limited company 20 Which is a key advantage of a private limited company? a Limited liability for shareholders b No separate legal identity c Unlimited liability for the owners 21 Which advantage is common to public limited companies? a Access to capital through selling shares b No regulatory requirements c Shares cannot be traded on any exchange

Economics Review Quiz: MCQ

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Economics Review Quiz: MCQVersión en línea

por Sukanya Mcleish

Which law describes how price and quantity demanded move inversely?

A rightward shift of the demand curve indicates:

What causes a movement along the demand curve?

Which factor would shift the supply curve to the left?

What does the Production Possibility Frontier illustrate?

On the PPF, points inside the curve indicate:

If an economy is on the PPF, producing more of one good requires:

Which statement best describes scarcity in economics?

Nature of economics is best summarized as:

A movement along the supply curve is caused by:

The relationship between price and Quantity supplied is best described as:

What is a sole trader?

What defines a partnership in business?

What characterizes a private limited company (Ltd)?

What distinguishes a public limited company ( plc )?

What is the primary focus of the primary sector?

What does the secondary sector involve?

What activities belong to the tertiary sector?

Which business form typically has the easiest setup and full control?

Which is a key advantage of a private limited company?

Which advantage is common to public limited companies?