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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What does scarcity mean?
💡 Hint: Think about how resources are finite.
Question 2
Easy
What is the Law of Demand?
💡 Hint: Can you remember a time you bought something on sale?
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is the definition of microeconomics?
- Study of the economy as a whole
- Study of individual economic units
- Analysis of government policies
💡 Hint: Recall if this section is about smaller parts of the economy.
Question 2
True or False: The Law of Demand states that when prices decrease, demand decreases.
- True
- False
💡 Hint: Consider how you generally react to sales.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Consider an increase in the tax on cigarettes, which raises their price. Analyze the potential effects this could have on demand and how elasticity plays a role.
💡 Hint: Think about how price-sensitive you are regarding products like cigarettes.
Question 2
Discuss a case where a natural disaster causes a shortage of goods in a specific market. How would demand and supply adjust in this case?
💡 Hint: Recall past events like hurricanes affecting local markets.
Challenge and get performance evaluation