Economics Quiz

In the word root for conservation, con stands for

• together

• to keep

• house

• manage

“the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices” is known as

• price power

• market power

• externality

• economic power

“an economy that allocates resources through the decentralised decisions of many firms and households as they interact in markets for goods and services” is a / an

• urban economy

• rural economy

• planned economy

• market economy

In the word root for conservation, servare stands for

• together

• to keep

• house

• manage

Which of these is true?

• Wants are unlimited, resources are unlimited

• Wants are limited, resources are limited

• Wants are unlimited, resources are limited

• Wants are limited, resources are unlimited

“an increase in the overall level of prices in the economy” is

• inflation

• deflation

• stagflation

• priceflation

Phillips curve shows the relation between

• profit and loss

• marked price and selling price

• inflation rate and unemployment rate

• electricity consumption and heat output

In the word root for Economics, oikos stands for

• together

• to keep

• house

• manage

Most of rational thinking occurs

• before the margin

• at the margin

• after the margin

• none of these

Input costs that do not require an outlay of money are

• explicit costs

• implicit costs

• opportunity costs

• phantom costs