
Economics Test 2024
Authored by Andreas Dwinanto S
Business
11th Grade
42 Questions

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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which statement is correct related to Adam Smith?...
Adam Smith believed in the role of the government to improve societal welfare.
Adam Smith believed that all markets were characterized by perfect competition.
Adam Smith argued that economic agents were guided entirely by self-interest.
Adam Smith claimed that coordination among a large number of economic actors (producers, transporters, sellers, consumers), often unknown to one another, will not spontaneously arise without any person or institution consciously attempting to create or maintain it.
Adam Smith believes that gold is the source of wealth in every country
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A firm is a way of organizing production with the following characteristics, except...
One or more individuals own a set of capital goods that are used in production.
They pay wages and salaries to employees.
They direct the employees (through the managers they also employ) in the production of goods and services.
The goods and services are the property of the owners.
They sell the goods and services on markets with the intention of making a profit and promote social welfare
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which option is incorrect about Arthur Lewis?...
Arthur Lewis investigated questions that were asked by the first economists.
The Lewis model assumes that the supply of labour to the capitalist sector is unlimited.
In the Lewis model, income per capita rises when workers move from the subsistence sector to the capitalist sector.
One aspect of the Lewis model is the profit-seeking motives of the capitalist sector.
At the London School of Economics, he was the student of another great economist, Friedrich Hayek
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the period between 1600 and 1750 (before the Industrial Revolution took off in Britain), India’s GDP per capita was...
declining, because agricultural productivity was declining, and most people were working in agriculture
declining, because the formerly booming textile industry was being out-competed by British textiles
rising, because the domestic textile industry was booming, and more people worked in industry than in agriculture
closer to the level of British GDP per capita than it was two hundred years later between 1900 and 1970.
closer to the level of British GDP per capita than it was two hundred years later between 1945 and 1985.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You are a taxi driver in Melbourne who earns A$50 for a day’s work. You have been offered a one-day ticket to the Australian Open for A$40. As a tennis fan, you value the experience at A$100. With this information, what can we say?...
The opportunity cost of the day at the Open is A$40.
The economic cost of the day at the Open is A$40.
The economic rent of the day at the Open is A$10.
You would have paid up to A$100 for the ticket.
The opportunity cost of the day at the Open is A$90.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which statement is incorrect related to theory of portfolio choice? Holding all other factors constant:
The quantity demanded of an asset is positively related to wealth
The quantity demanded of an asset is negatively related to wealth
The quantity demanded of an asset is positively related to its expected return relative to alternative assets
The quantity demanded of an asset is negatively related to the risk of its returns relative to alternative assets
The quantity demanded of an asset is positively related to its liquidity relative to alternative assets
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When acquiring a ticket for a play takes a significant amount of time, the true economic cost of that ticket would include all of the following factors except...
the amount of time spent acquiring the ticket.
the transportation cost of the person acquiring the ticket.
the utility provided by seeing the play.
the earning power of the person acquiring the ticket.
the purchase price of the ticket.
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