Business Economics Assessment Quiz
Test your knowledge of key concepts in business economics. Please answer all questions to the best of your ability.
Full Name
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First Name
Last Name
Email Address
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example@example.com
Which of the following best defines 'opportunity cost'?
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The cost of producing one more unit of a good
The value of the next best alternative foregone
The monetary cost of all resources used
The profit earned from an investment
Select all factors that are considered part of the 'factors of production'.
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Land
Labor
Capital
Entrepreneurship
Government
Match the following economic terms to their correct definitions.
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Rows
Definition
Perfect Competition
A market structure with many sellers, identical products
A single seller controls entire market
Total value of goods and services produced
A rise in the general price level
Monopoly
A market structure with many sellers, identical products
A single seller controls entire market
Total value of goods and services produced
A rise in the general price level
Gross Domestic Product (GDP)
A market structure with many sellers, identical products
A single seller controls entire market
Total value of goods and services produced
A rise in the general price level
Inflation
A market structure with many sellers, identical products
A single seller controls entire market
Total value of goods and services produced
A rise in the general price level
On a scale of 1 to 5, how confident are you in your understanding of supply and demand?
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Not confident
1
2
3
4
Very confident
5
1 is Not confident, 5 is Very confident
Briefly explain the difference between microeconomics and macroeconomics.
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Which of the following is NOT an example of a fixed cost for a business?
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Monthly rent
Raw materials
Salaried employees
Insurance premiums
What is the primary goal of a firm in a perfectly competitive market?
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Maximize market share
Minimize costs
Maximize profit
Increase employee satisfaction
Rate your agreement with the following statement: 'Government intervention is necessary to correct market failures.'
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Strongly disagree
1
2
3
4
Strongly agree
5
1 is Strongly disagree, 5 is Strongly agree
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