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
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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