
Econ Midterm Review
Authored by Adedayo Ade
Business
University
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28 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec ⢠1 pt
Sarah must decide between attending a concert or working overtime to earn extra income. What economic concept best explains her dilemma?
Marginal benefit
Opportunity cost
Sunk cost
Elasticity of demand
2.
MULTIPLE CHOICE QUESTION
45 sec ⢠1 pt
government implements a tax on sugary drinks to reduce sugar consumption. This is an example of:
Incentive
Marginal utility
Subsidy
Market Equilibrium
3.
MULTIPLE CHOICE QUESTION
45 sec ⢠1 pt
A farmer specializes in growing wheat while another focuses on dairy products. Both benefit from exchanging goods. This demonstrates:
Absolute advantage
Comparative advantage
Diminishing returns
Perfect competition
4.
MULTIPLE CHOICE QUESTION
45 sec ⢠1 pt
If a city introduces a policy stating that rent should not exceed $1,000 per month, but the market equilibrium rent is $1,200, this policy will result in:
Surplus of apartments
Shortage of apartments
No effect on the market
Lower construction costs
5.
MULTIPLE CHOICE QUESTION
45 sec ⢠1 pt
A local grocery store notices that every time it raises the price of milk, demand decreases slightly. The change in demand reflects:
Price elasticity of demand
Diminishing marginal utility
Inelastic demand
Income effect
6.
MULTIPLE CHOICE QUESTION
45 sec ⢠1 pt
If a farmer produces 100 kg of apples with one worker and 120 kg with two workers, the marginal product of the second worker is:
10kg
20kg
40kg
60kg
7.
MULTIPLE CHOICE QUESTION
45 sec ⢠1 pt
A rise in the price of movie tickets causes a decrease in popcorn sales. This indicates that these goods are:
Substitutes
Complements
Independent goods
Inferior goods
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