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Economics

Economics Essentials Quiz

Test your knowledge of fundamental economic concepts with our challenging quiz! This quiz covers key principles of supply and demand, the behavior of inputs in production, and critical terminology in economics.

Participate to see how well you understand:

The elasticity of supply
Demand equations
The role of isoquants in production

5 Questions1 MinutesCreated by AnalyzingEconomist27

In the short run, the supply of a variable input is:

Elastic

Unitary elastic

Inelastic

Highly inelastic

In the short run, the supply of a fixed input is:

Elastic

Highly elastic

Inelastic

Unitary elastic

The correct demand equation is:

Q=a-bp

Qd=a-bp

Q=a+bp

Qd=a-2bp

Select the correct statement

In the short run production of a commodity can be increased to a limited quantity by increasing the use of only variable inputs

In the long run the supply of all the inputs is inelastic, but not enough to permit a change in technology.

Short run is less than 2 years, while long run is more than 2 years

All of the above are incorrect

The intersection between any two isoquants implies that:

Demand and supply are equal here

A given quantity of a commodity can be produced with a smaller as well as a larger input-combination

Marginal cost is increasing at a fast rate while total cost increases at a lower rate

Economies and diseconomies of scale are equal

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