MIEF Economics/ Finance Trivia Test

Front

What is the term for a tax on goods produced abroad and sold domestically?

Back

Tariff

Front

What is the term for measuring how much the quantity demanded of one good responds to a change in the price of another good, computed as the percentage change in quantity demanded of the first good?

Back

Cross-price elasticity of demand

Front

What does the term “Ceteris Paribus” mean?

Back

All other factors remain unchanged

Front

What is the term for the fall in total surplus that results from a market distortion, such as a tax?

Back

Deadweight loss

Front

What do we call total revenue minus total cost, including both explicit and implicit costs?

Back

Economic profit

Front

What is V in the quantity theory of money equation: MV = PQ?

Back

Velocity of Money

Front

Who coined the term “endogenous growth?”

Back

Paul Romer and Robert Lucas

Front

What do we call goods that are neither excludable nor rival in consumption?

Back

Public goods

Front

Which institution sets monetary policy in France?

Back

European Central Bank

Front

What is the variance of a random variable Y distributed as N(0,2)?

Back

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