3916824
Description
Quiz by Sarah Egan, updated more than 1 year ago
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Created by Sarah Egan
over 8 years ago
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Question 1
Question
A situation where one manufacturer controls the supply of a good is called:
Answer
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An oligopoly
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A monopoly
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A free market
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A command economy
Question 2
Question
Cross Elasticity of Demand:
Answer
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shows the relationship between price and quantity demanded and provides a calculation of the effect a change in price would have on quantity demanded.
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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.
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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
Question
According to J.M. Keynes, free markets will automatically lead to full employment
Answer
- True
- False
Question 4
Question
Which of these best describes inflation:
Answer
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the rate at which the general level of prices of goods and services is increasing
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a reduction in the unemployment rate
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an increase in the average industrial wage
Question 5
Question
Inflation means that the purchasing power of currency decreases
Answer
- True
- False
Question 6
Question
The Wealth of Nations is a work by which economist
Answer
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Karl Marx
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Adam Smith
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JM Keynes
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JK Galbraith
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