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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define scarcity in your own words.
💡 Hint: Think about why you can't have everything you want.
Question 2
Easy
What effect does a decrease in price have on demand?
💡 Hint: Recall the Law of Demand.
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 does scarcity imply in economics?
- Unlimited resources
- Limited resources
- Equilibrium
💡 Hint: Think about the resources available to you.
Question 2
True or False: If the price of a product increases, the quantity demanded will always decrease.
- True
- False
💡 Hint: Recall the fundamental principles of demand.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Suppose the price of a popular smartphone increases significantly. Discuss the expected changes in demand according to elasticity theory.
💡 Hint: What kind of products tend to have elastic versus inelastic demand?
Question 2
Analyze a situation where the government provides a subsidy to encourage the production of electric vehicles. How might this intervention affect market equilibrium?
💡 Hint: How do changes in supply affect price and demand?
Challenge and get performance evaluation