1239088
Description
Quiz by Eco OnTheGo, updated more than 1 year ago
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Created by Eco OnTheGo
over 9 years ago
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Question 1
Question
Opportunity cost is
Answer
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the cost that we forgo or give when we make a choice or decision.
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a cost that cannot be avoided regardless of what is done in the future.
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the additional cost of producing one additional unit of output.
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the additional cost of buying one additional unit of output.
Question 2
Question
2. The basic economic problem of “For whom to produce?” is concerned with
Answer
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the determination of resources and technique or production to be used.
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the distribution of good and services produced.
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the alternatives of collection of goods and services to be produced.
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the quantities of the goods and services shall be produced.
Question 3
Question
Technological advancement normal results in
Answer
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a larger quantity being offered for sale than before at each price
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an increase in supply
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a rightward shift of the supply curve
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all the above
Question 4
Question
4. Economists make a distinction between change in quantity supplied and change in supply:
Answer
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because the demand curve shifts whenever there is a change in supply.
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because the supply shifts whenever there is a change in quantity supplied
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to distinguish a movement along a supply curve from a shift in supply.
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to distinguish a shift in demand from a shift in supply.
Question 5
Question
A maximum price result in
Answer
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a shortage
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a surplus
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equilibrium
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none of the above
Question 6
Question
A simultaneous shift in demand and supply to the right will lead to
Answer
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a lower equilibrium quantity
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a higher equilibrium quantity
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a similar equilibrium quantity
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a moderate equilibrium quantity
Question 7
Question
In order to protect producer’s income, government should set a price floor
Answer
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above the equilibrium price
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below the equilibrium price
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equal to the equilibrium price
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none of the above
Question 8
Question
The greater the price elasticity of demand the
Answer
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more likely the product is necessity
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smaller the responsiveness of quantity demanded to price
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greater the percentage change in price over the percentage change in quantity demanded
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greater responsiveness of quantity demanded to price
Question 9
Question
The price elasticity of demand of a horizontal demand curve is
Answer
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perfectly elastic
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perfectly inelastic
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unitary elastic
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inelastic
Question 10
Question
If your income increases, but your consumption of sardine decreases, then sardine is
Answer
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a normal goods
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a luxury goods
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an inferior goods
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a substitute
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