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Economics Basics Quiz

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Questions and Answers

What does the word 'nemein' in the root of economics stand for?

to manage (correct)

to keep

to house

together

What is the relationship depicted by the Phillips curve?

Profit and loss

Electricity consumption and heat output

Inflation rate and unemployment rate (correct)

Marked price and selling price

What is the term for the ability of an individual to own and exercise control over scarce resources?

Social rights

Individual rights

Resource rights

Property rights (correct)

What is the term for something that induces a person to act?

Incentive Signup and view all the answers

What is the term for the ability of a single economic actor to have a substantial influence on market prices?

Market power Signup and view all the answers

What is the term for the ability to produce a good at a lower opportunity cost than another producer?

Comparative advantage Signup and view all the answers

Economics Basics Quiz

Choose a study mode

Podcast

Questions and Answers

What does the word 'nemein' in the root of economics stand for?

What is the relationship depicted by the Phillips curve?

What is the term for the ability of an individual to own and exercise control over scarce resources?

What is the term for something that induces a person to act?

What is the term for the ability of a single economic actor to have a substantial influence on market prices?

What is the term for the ability to produce a good at a lower opportunity cost than another producer?

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