Economics Quiz 2020 Pretest
Economics Quiz 2020 Pretest
Test your knowledge of economics with our engaging quiz designed for students and enthusiasts alike! This quiz covers essential concepts, from basic principles to real-world applications.
Join us and explore:
- Key economic principles
- Understanding of market dynamics
- Analysis of opportunity costs
- Real-life application of economic theories
Which of the following statements about the use of resources if not one of the key questions in economics?
A. How are resources used?
B. Where are resources used?
C. For whom the resources are used?
D. For what are resources used?
What is meant by the term final goods and services?
A. The same as the term intermediate goods and services.
B. The same as the term consumer goods and services.
C. All goods and services expect those traded second hand.
D. Goods and services which ate finished as far as the economy is concerned.
Which of the following types of economy describes the economy of Myanmar?
A. A command economy
B. A market economy
C. A mixed economy
D. A planned economy
Which of the following might not lead to an increase in the demand for a product that can be scared?
A. A fall in the price of a complement
B. A rise in consumer income
C. An increase in the number of buyers
D. An exported rise in price
Suppose the price of a product increases from $10 to $20 and the quantity demanded falls from 55 to 45 per week. What is the price elasticity of demand (PED).
A. 0.4
B. -0.4
C. 2.5
D. -2.5
A fall in price:
A. Will cause an inward shift of demand
B. Will cause an outward shift of supply
C. Leads to a movement along a demand curve
D. Lead to a higher level of production
The market supply curve shows
A. The effect on market demand of a change in the supply of a good or service.
B. The quantity of a good that firms would offer for sale at different prices.
C. The quantity of a good that consumers would be willing to buy at different prices.
D. All of the above are correct.
Market equilibrium refers to a situation in which market price
A. Is high enough to allow firms to earn a fair profit.
B. Is low enough for consumers to buy all that they want.
C. Is at a level where there is neither a shortage nor a surplus.
D. Is just above the intersection of the market supply and demand curves.
Capital includes both human capital and business capital.
True
False
Opportunity costs are roughly the same for everyone who attends YUEco.
True
False
Global financial crisis occurred in 2009.
True
False
The opportunity cost of a choice is the value of the forgone alternative that was not chosen.
True
False
As more of one good is produced, less of the other can be produced.
True
False
At the profit maximizing output, marginal profit (Mπ) is necessarily zero.
True
False
At the break-even point where economic profit is zero, the owner(s) of the firm makes only normal profit.
True
False
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