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Economic Questions Quiz

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Questions and Answers

Which of the following is not related to the 3 key economic questions?

Where should these products be produced? (correct)

How do we produce these products?

Who consumes the products?

What products do we produce?

Which of the following is an example of a normative question?

How does a college education affect a person’s productivity and earnings?

If the government increases the minimum wage, how many workers will lose their jobs?

Should the government subsidize a college education? (correct)

How will an increase in unemployment benefits affect the unemployment rate?

What does the Latin expression 'ceteris paribus' mean in the context of studying the relationship between two variables?

Neither of those two variables is allowed to change.

We consider that some factors are unknown.

Keeping all other variables fixed. (correct)

Both variables are treated as unpredictable.

Which economic principle is most involved in the analysis of scarcity using a production possibility curve?

Principles of opportunity cost Signup and view all the answers

What is the opportunity cost of running the business described in the essay question?

$420,000 Signup and view all the answers

What is the slope of a curve calculated as?

The horizontal difference divided by the vertical difference between two points Signup and view all the answers

If an economy moves from producing 20 units of mobiles and 4 units of computers to producing 15 mobiles and 5 computers, what is the opportunity cost of the 5th computer?

10 mobiles Signup and view all the answers

Which of the following is the correct definition of price elasticity of demand?

a) The ratio of the change in quantity demanded divided by the change in price. Signup and view all the answers

If supply is perfectly elastic, what is the price elasticity of supply?

c) Infinity. Signup and view all the answers

If the elasticity of demand for a product is 0.5 (inelastic demand), what will happen to total revenue as the firm increases the price?

b) Total revenue will decrease. Signup and view all the answers

If a 4% increase in price results in an 8% decrease in quantity demanded, what is the price elasticity of demand?

b) 2. Signup and view all the answers