QUIZ BEE COMPETITION - 1ST YEAR [EASY ROUND]

The Latin phrase “Ceteris Paribus”, translates to"

• “Household management”

• “Holding other things constant"

• “Allow to do”

• “Invisible Hand”

It studies how households and firms make decisions and interact in markets.

• Macroeconomics

• Microeconomics

• Business Economics

• Econometrics

It is a school of thought which believes that economics as a subject should pass value statements, judgments, and opinions on economic policies, statements, and projects.

• Positive Economics

• Negative Economics

• Normative Economics

• Descriptive Economics

What is the fundamental problem of economics as a discipline?

• How to ensure continued economic growth in the face of uncertainty

• How to maximize profits for the firms and consumer welfare for citizens

• How to balance the needs of the economy with society and the environment

• How to manage society’s resources because there are unlimited wants and limited resources

It is the property whereby the long-run average total cost falls as the number of output increases.

• Constant returns to scale

• Diseconomies of scale

• Economics of scale

• Economies of scale

This economist authored the book “The Wealth of Nations” in 1776.

• Adam Smith

• John Maynard Keynes

• Alfred Marshall

• David Ricardo

The following are determinants of demand except for ___.

• Change in consumer taste and preferences

• Change in the number of buyers

• Change in taxes and subsidies

• Change in income

According to the law of demand, when the price of good A increases, the quantity demanded of good A will ____.

• Increase

• Not change

• Decrease

• Be doubled

An increase in supply will shift the supply curve to the _____, while a decrease in supply will shift the supply curve to the ____.

• right, right

• left, right

• left, left

• right, left

It is a good for which an increase in income causes a bigger percentage increase in its demand.

• Normal Good

• Giffen Good

• Substitute Good

• Inferior Goods