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Basic Economics

written by: Zornitsa
Economics deals with the production, distribution and consumption of goods and services and their management. Test you knowledge on this science, which is an indispensable part of our everyday lives.

Question 1:

It may be stated that the process of "thinking like an economist" involves three basic issues. Which of the following is the odd one?
Economists think in marginal terms.
Economists explore the relationships between two variables, which hold other variables fixed.
Economists consider opportunity costs.
Economists deal only with items with explicit prices

Question 2:

Which statement about the problem of scarcity, a central issue in economics, is true?
It is present when human wants exceed available resources.
It exists only in market economies.
It is present when there is monopoly on the market.
It could be eliminated if we could force prices to fall.

Question 3:

In economics, the marginal concept refers to producing or consuming a good at the margin of the total produced or consumed amount. Which question does not involve a marginal decision?
Is it worth $2 to buy this extra slice of pizza?
If I study for one more hour, by how much will it raise my grade?
If I hire ten workers to produce tables, what will be the average cost per table?
If I drive slightly faster, what will be the change in my gasoline consumption?

Question 4:

In economics, opportunity cost is the difference between the yield that funds and resources earn in one use and the yield they could have earned had they been placed in an alternative investment. Which of these factors has the most impact on opportunity cost?
Consumer spending

Question 5:

The spillover effect (or externality effect) is a concept in economics related to the impact of a certain decision and the respective action. Which situation would involve a spillover effect?
Termites cause excessive damage to your house, so you must pay to replace the adversely affected areas.
The cost of magazines rises, so fewer and fewer people subscribe.
A neighbour of yours repairs the sidewalk in front of his house, so the overall state of the neighbourhood pavement improves.
The hardware store gets an extra shipment of snow shovels, so they offer a "buy one, get one free" deal.

Question 6:

Which of these statements about the effect of specialization and trade on the market is most accurate?
It causes an increase in production.
It affects World economics as a whole.
It boosts purchasing ability of the consumers.
It causes the consumption of more and better goods.

Question 7:

In economics, the concept of opportunity cost is related to both the alternatives and decision-making. A friend offers you a Coke, a Pepsi, or a Diet Coke. You don't like Diet Coke, so after some thought, you take the Pepsi. In this case, what is the opportunity cost of your choice?
The Diet Coke
The Pepsi
The Coke
The Coke plus the Diet Coke

Question 8:

It is generally accepted, that economic market systems have proved to be so stable and efficient for which of these reasons?
People cannot be self-sufficient.
Everyone pays the same amount in taxes.
They facilitate exchange and specialization.
Producers cannot specialize without markets.

Question 9:

What do we call the type of economy, where the government has an exclusive control over the production and distribution of goods and services?
Communal economy
Centrally planned economy
Transitional economy
Market economy


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