Economics review

Question 1 of 6

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A situation where one manufacturer controls the supply of a good is called:

Select one of the following:

  • An oligopoly

  • A monopoly

  • A free market

  • A command economy

Question 2 of 6

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Cross Elasticity of Demand:

Select one of the following:

  • shows the relationship between price and quantity demanded and provides a calculation of the effect a change in price would have on quantity demanded.

  • shows how responsive demand of a good is to the change in income of a person. It is calculated by dividing the percentage change in quantity demanded by the percentage change in personal income.

  • measures the responsiveness of the quantity demanded of one good or service as a result of the change to the price of another good or service.

Question 3 of 6

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According to J.M. Keynes, free markets will automatically lead to full employment

Select one of the following:

  • True
  • False

Question 4 of 6

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Which of these best describes inflation:

Select one of the following:

  • the rate at which the general level of prices of goods and services is increasing

  • a reduction in the unemployment rate

  • an increase in the average industrial wage

Question 5 of 6

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Inflation means that the purchasing power of currency decreases

Select one of the following:

  • True
  • False

Question 6 of 6

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The Wealth of Nations is a work by which economist

Select one of the following:

  • Karl Marx

  • Adam Smith

  • JM Keynes

  • JK Galbraith

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Economics review

Sarah Egan
Quiz by , created about 1 year ago

A quick quiz on concepts for economics revision

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Sarah Egan
Created by Sarah Egan about 1 year ago
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