WorksheetsQUIZ BEE COMPETITION - 1ST YEAR [EASY ROUND]
Total questions: 10
Worksheet time: 3mins
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
