1. Introduction to Economics
Economic Agents — Quiz
Test your understanding of economic agents with 5 practice questions.
Practice Questions
Question 1
In the context of economic agents, what is the primary reason firms seek to maximize profits?
Question 2
How does a government subsidy to firms typically affect the supply curve?
Question 3
Which of the following best illustrates the concept of opportunity cost for a firm?
Question 4
In the circular flow model, what role do firms play in relation to households?
Question 5
What is the primary effect of a price floor set above the equilibrium price?