Economic Theory Quiz

Economic Theory Quiz

12th Grade

10 Qs

quiz-placeholder

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Economic Theory Quiz

Economic Theory Quiz

Assessment

Quiz

English

12th Grade

Hard

Created by

shanthi navukkarasu

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the Law of Variable Proportions explain?

How prices fluctuate in the market

The relationship between inputs and outputs in production

The impact of taxes on consumer behavior

The concept of supply and demand

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a linear production function, what happens to the output when inputs are doubled?

The output remains the same

The output decreases

The output triples

The output doubles

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the Marginal Rate of Substitution measure?

The rate at which prices change over time

The rate at which a consumer can give up one good for another while maintaining satisfaction

The rate at which companies enter a competitive market

The rate at which a consumer can exchange goods in the market

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the slope of an indifference curve?

Positive

Zero

Negative

Undefined

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In monopolistic competition, what happens to economic profits in the long run?

They increase continuously

They are not affected

They decrease continuously

They stabilize at zero

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main characteristic of a non-linear production function?

The output always doubles with increased inputs

The output increases proportionally with inputs

The output does not increase proportionally with inputs

The output remains constant regardless of inputs

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does the Law of Variable Proportions relate to baking cookies?

Adding more sugar is the key to better cookies

Adding more flour always improves the taste

Adding more eggs is always beneficial

Adding too much flour can ruin the recipe

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