What is the definition of economics?
Examen Final Comercio Internacional

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Business
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University
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Medium
Martin Rendon Ingles
Used 3+ times
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26 questions
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1.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
The study of how individuals make decisions
The study of how businesses operate
The study of how society manages its scarce resources
The study of how governments regulate the economy
2.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which of the following is NOT considered a factor of production?
Land
Labor
Capital
Profit
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What is the law of supply?
As price increases, quantity demanded decreases
As price increases, quantity supplied decreases
As price increases, quantity demanded increases
As price increases, quantity supplied increases
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which of the following is a characteristic of a perfectly competitive market?
Many buyers and sellers
Product differentiation
Barriers to entry
Control over prices by individual firms
5.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What is inflation?
A sustained increase in the general level of prices
A sustained decrease in the general level of prices
A measure of economic growth
The total value of all goods and services produced in a country in a given year
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which of the following trade organizations promotes free trade and aims to reduce trade barriers between its member countries?
World Trade Organization (WTO)
International Monetary Fund (IMF)
Organization of Petroleum Exporting Countries (OPEC)
European Union (EU)
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which trade organization is an economic and political union of 27 member states located primarily in Europe?
North American Free Trade Agreement (NAFTA)
Association of Southeast Asian Nations (ASEAN)
South Asian Association for Regional Cooperation (SAARC)
European Union (EU)
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