
Economics Quiz

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Other
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University
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Easy
Aditya Pittala
Used 1+ times
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60 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the study of economics based on objective analysis using facts and data called?
Normative Economics
Positive Economics
Behavioral Economics
Classical Economics
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT one of the 10 Pillars of Economics mentioned in the study guide?
Ceteris Paribus
Rationality
Incentives
Monetary Policy
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the additional cost of producing or consuming one more unit called?
Marginal Benefit
Marginal Cost
Fixed Cost
Variable Cost
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of economy is characterized by private ownership and minimal government intervention?
Command Economy
Traditional Economy
Mixed Economy
Capitalist Economy
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who wrote "Wealth of Nations"?
John Maynard Keynes
Karl Marx
Adam Smith
Milton Friedman
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the Invisible Hand Theory suggest about markets?
Markets require constant government intervention.
Markets naturally return to equilibrium without government interference.
Markets are always in a state of chaos.
Markets are controlled by monopolies.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the Law of Diminishing Marginal Utility?
The more a consumer has, the more satisfaction they get from each additional unit.
The more a consumer has, the less satisfaction they get from each additional unit.
The more a consumer has, the satisfaction remains constant from each additional unit.
The more a consumer has, the satisfaction doubles from each additional unit.
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