NAQT Economics & Economists

Type the correct answer from the following:

Elasticity, inflation or Gross Domestic Product (GDP)

This term is used to measure the size of a country or state's economy.

Choose the correct answer:

_____________ = a measure of how much one economic variable changes in response to a change in a different variable.

• supply and demand

• elasticity

• interest rate

• monopoly

____________ is computed by summing consumption, investment, government expenditures and exports and then subtracting imports.

• Inflation

• Demand

• GDP

• Unemployment

What definition best describes MONOPOLY?

• few firms dominating production

• a market with only a single customer

• one firm producing goods for a given market.

What is a TARIFF?

• a tax placed on imports and exports

• the price of something when the supply is high

• the pace at which prices rise.

Type the correct answer from the following:

Supply & Demand, Unemployment Rate or Factors of Production

Land, labor, capital and entrepreneurship are examples of...?

Choose the correct ECONOMIST:

Best known for Principles of Political Economy and Taxation. Created the "iron law of wages" which asserts that real wages always tend, in the long run, toward the minimum wage necessary to sustain the life of the worker.

• Karl Marx

• David Ricardo

• Milton Friedman

• Alfred Marshall

Choose the correct ECONOMIST:

Theories of this GERMAN economist include: labor theory of value & surplus value.

• Karl Marx

• Adam Smith

• Thorstein Veblen

• Milton Friedman

Choose the correct ECONOMIST:

This social philosopher and economist is known primarily for extending the ideas of David Ricardo.

• Francois Quesnay

• John Stuart Mill

• John Maynard Keynes

• John Kenneth Galbraith

Choose the correct ECONOMIST:

This economist wrote The General Theory of Employment, Interest and Money. He argued that the best way to deal with prolonged recessions is deficit spending.

• Francois Quesnay

• Adam Smith

• John Maynard Keynes

• Alfred Marshall