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Basic Economics (Part II)

written by: Zornitsa
Here are some more questions to further test your knowledge of economics. Have fun!

Question 1:

Which of these economic terms does not denote restriction of international trade, i.e. the free flow of goods between nations?
Trade quotas
The General Agreement on Tariffs and Trade
Non-tariff trade barriers
Import tariffs

Question 2:

What factor is the reason for economists to believe that countries are gradually becoming more economically interdependent?
There are many multinational corporations that design, manufacture, and sell products around the world.
All of these
Financial markets in many countries have been opened to participants from foreign countries.
Global trade is largely aided by the constant progress of technologies.

Question 3:

International trade is an important part of world economy. Which statement about international trade is not true?
Communist and socialist nations tend to aspire to complete lack of international trade (autarky).
Free trade is most strongly supported by the economically powerful nation in the world.
Large countries depend more on trade than smaller countries do.
Globalization is a process closely related to international trade.

Question 4:

In economics, the Law of Supply is the direct opposite of the Law of Demand. Which of the following correlations best describes the Law of Supply?
If the price is low, supply will always be inadequate for the demand.
The higher the price, the larger the quantity supplied.
The higher the price, the lower the quantity supplied.
If the price is high, demand will exceed supply.

Question 5:

Suppose that an increase in the price of good Y results in an increase in the demand for good X. This phenomenon is an example of which effect in economics?
The demand effect.
The income effect
The substitution effect
The supply effect

Question 6:

Having in mind the demand and supply laws, what will happen to the equilibrium of price and quantity of automobiles if wages of workers manufacturing them increase?
Price will decrease; quantity will increase.
Price will increase; quantity will increase
Price will decrease; quantity will decrease
Price will increase; quantity will decrease.

Question 7:

Elasticity is a term in economics which refers to the proportional change in two variables related to each other. For example, if you earn $80,000 a year and use cable TV service that costs you $100 per year, your demand for the cable service is likely to be what?
Perfectly elastic
Perfectly inelastic

Question 8:

The phenomenon that leads individual consumers and producers to equilibrium with the market is defined by which term in economics?
The invisible hand
The free-rider problem
The price ceiling
Government regulations

Question 9:

An effective minimum price imposed by the government, called price floor in economics, is usually expected to result in what?
Decreased supply
Increased demand


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