
Economics A-Level Quiz
Authored by Petros Christodoulou
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1st - 5th Grade
Used 5+ times

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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an ad valorem tax?
A tax based on the quantity of goods sold
A tax imposed on luxury goods only
A direct tax on income
An indirect tax dependent on the value of the good
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does 'ceteris paribus' mean?
All other things remaining the same
The market is in equilibrium
Supply equals demand
Prices are flexible
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is consumer surplus?
The difference between the price the consumer is willing to pay and the price they actually pay
The total utility derived from consumption
The excess supply in the market
The total amount spent by consumers
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of a command economy?
An economy based on barter trade
An economy with no government intervention
An economy where resources are allocated by the state
An economy where resources are allocated by the market
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the economic problem?
The problem of trade deficits
The problem of unemployment
The problem of inflation
The problem of scarcity
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a free rider principle?
When producers charge less than the market price
When consumers pay more than the market price
When people benefit from resources they do not pay for
When the government provides subsidies
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a positive externality of consumption?
When the private costs of producing a good are greater than the social costs
When the private benefits of consuming a good are larger than the social benefits
When the social benefits of consuming a good are larger than the private benefits
When the social costs of producing a good are greater than the private costs
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