{"id":2850,"date":"2023-02-22T21:42:28","date_gmt":"2023-02-22T21:42:28","guid":{"rendered":"https:\/\/course.oeru.org\/ient103\/?page_id=2850"},"modified":"2023-02-22T21:42:28","modified_gmt":"2023-02-22T21:42:28","slug":"quiz","status":"publish","type":"page","link":"https:\/\/course.oeru.org\/ient103\/learning-pathways\/principles-of-economics-for-small-businesses\/quiz\/","title":{"rendered":"Quiz"},"content":{"rendered":"<div id=\"content\" class=\"mw-body container\" role=\"main\">\n<div class=\"row\">\n<div class=\"col-md-12\">\n<div class=\"panel\">\n<div class=\"panel-body\">\n<div id=\"bodyContent\">\n<div id=\"mw-content-text\" lang=\"en\" dir=\"ltr\" class=\"mw-content-ltr\">\n<p>\n<\/p>\n<div class=\"floatright\"><a href=\"https:\/\/wikieducator.org\/File:Test_sign.jpg\" class=\"image\"><img loading=\"lazy\" decoding=\"async\" alt=\"Test sign.jpg\" src=\"\/\/wikieducator.org\/images\/thumb\/e\/eb\/Test_sign.jpg\/320px-Test_sign.jpg\" width=\"320\" height=\"226\" class=\"img-responsive\"><\/a><\/div>\n<p>The questions which follow provide a basic knowledge test of selected concepts covered in this learning pathway: <i>Principles of economics for small businesses<\/i>.<\/p>\n<p>The questions published at the end of each learning pathway are re-used for the knowledge test for learners interested in earning a digital badge or certificate of participation for the <i>Financing a business start-up<\/i> (IENT103) micro-course. Please consult the <a href=\"https:\/\/wikieducator.org\/Introduction_to_entrepreneurship\/IENT103\/Assessment\/Certify_participation\" title=\"Introduction to entrepreneurship\/IENT103\/Assessment\/Certify participation\">Certify participation page<\/a> for more information.<br style=\"clear:both;\">\n<\/p>\n<div class=\"panel iDevice WEquizMultipleChoice\">\n\t<div class=\"panel-heading idevice-heading\">\n\t\t<div>\n\t\t\t<img decoding=\"async\" class=\"pedagogicalicon\" alt=\"assessment\" src=\"https:\/\/course.oeru.org\/ient103\/wp-content\/themes\/oeru_course\/idevices\/Icon_qmark.png\">\n\t\t<\/div>\n\t\t<div>\n\t\t\t<h2>True - false questions<\/h2>\n\t\t<\/div>\n\t<\/div>\n\t<div class=\"panel-body\">\n\t\t<div class=\"col-md-12\">\n\t\t\t\n<p>Indicate whether the following statements are true or false:\n<\/p>\n<ul>\n<li>In the context of the IENT103 materials, economic systems are all based on the question of why something is being produced.\n<ul>\n<li>True\n<ul>\n<li>Incorrect. They are based on the questions what to produce, how (and how much) to produce) and who receives the production output.\n<\/li>\n<\/ul>\n<\/li>\n<li>False\n<ul>\n<li>Correct.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li>A market economy is based on the principle of public ownership of businesses\n<ul>\n<li>True\n<ul>\n<li>No, a market economy is based on the principle of private enterprise.\n<\/li>\n<\/ul>\n<\/li>\n<li>False\n<ul>\n<li>Correct.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li>A competitive market is made up of multiple buyers and sellers.\n<ul>\n<li>True\n<ul>\n<li>Yes, that\u2019s true\n<\/li>\n<\/ul>\n<\/li>\n<li>False\n<ul>\n<li>Incorrect, in a competitive market, no individual buyer or seller can determine the market price.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li>If a government is not involved in the economic system of its country in any way, the system is a free market.\n<ul>\n<li>True\n<ul>\n<li>Yes, that\u2019s true.\n<\/li>\n<\/ul>\n<\/li>\n<li>False\n<ul>\n<li>Incorrect. The government does not intervene in a free market system.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>\n<\/p>\n<p>\n\t\t<\/div>\n\t<\/div>\n<\/div><\/p>\n<p>\n<\/p>\n<div class=\"panel iDevice WEquizMultipleChoice WEquizMix\">\n\t<div class=\"panel-heading idevice-heading\">\n\t\t<div>\n\t\t\t<img decoding=\"async\" class=\"pedagogicalicon\" alt=\"assessment\" src=\"https:\/\/course.oeru.org\/ient103\/wp-content\/themes\/oeru_course\/idevices\/Icon_qmark.png\">\n\t\t<\/div>\n\t\t<div>\n\t\t\t<h2>Multiple choice questions<\/h2>\n\t\t<\/div>\n\t<\/div>\n\t<div class=\"panel-body\">\n\t\t<div class=\"col-md-12\">\n\t\t\t\n<ul>\n<li>Which ONE of the following statements is NOT true about a market economy?\n<ul>\n<li>In a market economy, the supply of goods and services will influence the price\n<ul>\n<li>This statement is true. Try again.\n<\/li>\n<\/ul>\n<\/li>\n<li>In a market economy, economic decision-making is made by the government\n<ul>\n<li>Well done! This is incorrect. In a market economy, decisions are made through markets.\n<\/li>\n<\/ul>\n<\/li>\n<li>In a market economy, businesses supply goods and\/or services determined by demand\n<ul>\n<li>This statement is true. Try again.\n<\/li>\n<\/ul>\n<\/li>\n<li>In a market economy, consumer demand will determine the price of goods and services\n<ul>\n<li>This statement is true. Try again.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li>In economic systems, when the supply of a good is the same as the demand, this is known as (select one answer):\n<ul>\n<li>An economic balance\n<ul>\n<li>Not quite &#8211; try again.\n<\/li>\n<\/ul>\n<\/li>\n<li>An economic surplus\n<ul>\n<li>No. A surplus is when the supply of a good is greater than the demand for that good.\n<\/li>\n<\/ul>\n<\/li>\n<li>An economic equilibrium\n<ul>\n<li>Yes, that\u2019s right.\n<\/li>\n<\/ul>\n<\/li>\n<li>An economic shortage\n<ul>\n<li>No. A shortage is when demand for a good is greater than the supply.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li>Which ONE of the following statements about economic growth is INCORRECT?\n<ul>\n<li>Economic growth must include the effects of inflation\n<ul>\n<li>Well done! This is incorrect. To be most accurate, measurement of economic growth must remove the effects of inflation.\n<\/li>\n<\/ul>\n<\/li>\n<li>Economic growth results in the creation of more jobs\n<ul>\n<li>This statement is correct.\n<\/li>\n<\/ul>\n<\/li>\n<li>Economic growth is the economic indicator most business people aim to achieve\n<ul>\n<li>This statement is correct.\n<\/li>\n<\/ul>\n<\/li>\n<li>Economic growth can be measured by Gross Domestic Product\n<ul>\n<li>This statement is correct.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li>Which ONE of the following economic indicators is reported on an almost daily basis?\n<ul>\n<li>The inflation rate\n<ul>\n<li>Try again.\n<\/li>\n<\/ul>\n<\/li>\n<li>The monetary policy rate\n<ul>\n<li>Try again.\n<\/li>\n<\/ul>\n<\/li>\n<li>The price of oil\n<ul>\n<li>That\u2019s right &#8211; the price of oil is reported nearly on a daily basis, though the amount of crude oil produced daily is not reported until the end of the month.\n<\/li>\n<\/ul>\n<\/li>\n<li>The unemployment rate\n<ul>\n<li>Try again.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>\n<\/p>\n<p>\n\t\t<\/div>\n\t<\/div>\n<\/div><\/p>\n<p>\n<\/p>\n<p><!-- \nNewPP limit report\nCPU time usage: 0.056 seconds\nReal time usage: 0.063 seconds\nPreprocessor visited node count: 280\/1000000\nPreprocessor generated node count: 1206\/1000000\nPost\u2010expand include size: 23274\/2097152 bytes\nTemplate argument size: 15235\/2097152 bytes\nHighest expansion depth: 10\/40\nExpensive parser function count: 0\/100\n--><\/p>\n<p><!-- Saved in parser cache with key we_en-mw_:pcache:idhash:185371-0!*!0!*!*!2!* and timestamp 20230221225229 and revision id 1067085\n -->\n<\/div>\n<div class=\"visualClear\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"row\">\n<div class=\"col-md-12\">\n<ul class=\"pager\">\n<li class=\"previous\">\n            <a href=\"\/ient103\/learning-pathways\/principles-of-economics-for-small-businesses\/outputs-economics-learning-challenge\">\u2190 Previous<\/a>\n          <\/li>\n<li class=\"next\">\n            <a href=\"\/ient103\/learning-pathways\/understanding-financial-statements\/overview\">Next \u2192<\/a>\n          <\/li>\n<\/ul><\/div>\n<\/p><\/div>\n<div id=\"wenote-ids\"><script type='text\/javascript' id='wenotes-ids'>\n    var WEnotesSite = \"https:\/\/wikieducator.org\";\n    var WEnotesPath = \"\/Introduction_to_entrepreneurship\/IENT103\/Economics\/Quiz\";\n    var WEnotesSiteID = \"0e3d258fbd36841f92259eefcd41d5e9\";\n    var WEnotesPathID = \"f0fc895f8c0618765a3a780ba645e847\";\n    var WEnotesIDs = { site: \"https:\/\/wikieducator.org\", path: \"\/Introduction_to_entrepreneurship\/IENT103\/Economics\/Quiz\", site_id: \"0e3d258fbd36841f92259eefcd41d5e9\", path_id: \"f0fc895f8c0618765a3a780ba645e847\" };\n<\/script><\/div>\n<\/div>\n<footer><\/footer>\n","protected":false},"excerpt":{"rendered":"<p>The questions which follow provide a basic knowledge test of selected concepts covered in this learning pathway: Principles of economics for small businesses. The questions published at the end of each learning pathway are re-used for the knowledge test for learners interested in earning a digital badge or certificate of participation for the Financing a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":2830,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-2850","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/course.oeru.org\/ient103\/wp-json\/wp\/v2\/pages\/2850","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/course.oeru.org\/ient103\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/course.oeru.org\/ient103\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/ient103\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/ient103\/wp-json\/wp\/v2\/comments?post=2850"}],"version-history":[{"count":1,"href":"https:\/\/course.oeru.org\/ient103\/wp-json\/wp\/v2\/pages\/2850\/revisions"}],"predecessor-version":[{"id":2851,"href":"https:\/\/course.oeru.org\/ient103\/wp-json\/wp\/v2\/pages\/2850\/revisions\/2851"}],"up":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/ient103\/wp-json\/wp\/v2\/pages\/2830"}],"wp:attachment":[{"href":"https:\/\/course.oeru.org\/ient103\/wp-json\/wp\/v2\/media?parent=2850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}