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Quiz by SAIRA MOHAMED SHERIF
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22 questions
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- Q1In economics, what is the term used to describe a situation in which the quantity demanded for a good is equal to the quantity supplied?ShortageSurplusScarcityEquilibrium30s
- Q2What is the economic concept that measures the responsiveness of quantity demanded to a change in price?Price elasticity of demandCross elasticity of demandIncome elasticity of demandPrice elasticity of supply30s
- Q3What type of market structure is characterized by a large number of firms selling similar but differentiated products?Monopolistic competitionPerfect competitionOligopolyMonopoly30s
- Q4What economic term refers to the total value of all final goods and services produced within a country's borders in a specific period, usually a year?Consumer Price Index (CPI)Aggregate Demand (AD)Human Development Index (HDI)Gross Domestic Product (GDP)30s
- Q5In economics, what does GDP stand for?Global Distribution ProcessGross Domestic ProfitGross Domestic ProductGovernment Development Program30s
- Q6What is the basic economic problem that arises from the combination of scarce resources and unlimited wants?ProfitSolvencyInflationScarcity30s
- Q7What is the law of demand in economics?There is no relationship between price and quantity demanded.The quantity demanded remains constant regardless of price changes.As the price of a good or service increases, the quantity demanded increases, and vice versa.As the price of a good or service decreases, the quantity demanded increases, and vice versa, all other factors being equal.30s
- Q8What is the difference between microeconomics and macroeconomics?Microeconomics and macroeconomics are the same and can be used interchangeably.Microeconomics focuses on individual economic agents such as households and firms, while macroeconomics examines the economy as a whole, including factors like inflation, unemployment, and economic growth.Microeconomics only studies consumer behavior, while macroeconomics only studies government policies.Microeconomics focuses on international trade, while macroeconomics focuses on domestic production.30s
- Q9What is the law of supply in economics?As the price of a good or service decreases, the quantity supplied increases, and vice versa.As the price of a good or service increases, the quantity supplied by producers increases, and vice versa, all other factors being equal.There is no relationship between price and quantity supplied.The quantity supplied remains constant regardless of price changes.30s
- Q10What is the concept of elasticity of demand in economics?Elasticity of demand measures the responsiveness of the quantity demanded of a good to changes in its price.Elasticity of demand measures the total demand for a good in the market.Elasticity of demand refers to the availability of substitute goods for a product.Elasticity of demand indicates the level of consumer income in relation to price changes.30s
- Q11What is a public good in economics?A public good is a good that is both excludable and rivalrous in consumption.A public good is a good that is only available to a select group of individuals.A public good is a good provided by the government but can be excluded based on individual preferences.A public good is a type of good that is non-excludable and non-rivalrous, meaning that individuals cannot be excluded from its benefits and one person's consumption does not reduce its availability to others.30s
- Q12Which of the following is a key characteristic of a perfectly competitive market?Monopoly controlGovernment interventionMany buyers and sellersHigh barriers to entry30s
- Q13What does the term 'GDP' stand for in economics?Government Development PolicyGross Domestic ProductGeneral Demand PriceGlobal Distribution Process30s
- Q14What is the concept of 'monopoly' in economics?A market where the government controls all production and distributionA market with many buyers and sellers but with differentiated productsA situation where there are no barriers to entry for new firms in an industryA market structure in which a single seller dominates the entire market for a particular good or service30s
- Q15What is the study of how individuals, businesses, governments, and societies make choices about allocating scarce resources to satisfy their unlimited wants?AccountingMarketingSociologyEconomics30s