Economics review

Sarah Egan
Quiz by Sarah Egan, updated more than 1 year ago
Sarah Egan
Created by Sarah Egan over 5 years ago
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Description

A quick quiz on concepts for economics revision

Resource summary

Question 1

Question
A situation where one manufacturer controls the supply of a good is called:
Answer
  • An oligopoly
  • A monopoly
  • A free market
  • A command economy

Question 2

Question
Cross Elasticity of Demand:
Answer
  • 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

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
  • 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

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
  • Karl Marx
  • Adam Smith
  • JM Keynes
  • JK Galbraith
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