Elements Of Pure Economics, Or, The Theory Of Social Wealth
  • 1. Who is considered the father of modern economics?
A) David Ricardo
B) Adam Smith
C) Karl Marx
D) John Maynard Keynes
  • 2. Which of the following is a basic economic problem?
A) Scarcity
B) Inequality
C) Inflation
D) Surplus
  • 3. What does GDP stand for?
A) General Debt Projection
B) Global Development Plan
C) Gross Domestic Purpose
D) Gross Domestic Product
  • 4. Which term refers to the benefit gained from the next best alternative forgone?
A) Marginal cost
B) Sunk cost
C) Fixed cost
D) Opportunity cost
  • 5. What does the law of demand state?
A) Supply increases as demand decreases
B) Demand is constant regardless of price
C) Price and quantity demanded are directly related
D) Price and quantity demanded are inversely related
  • 6. Which concept refers to the additional benefit derived from consuming one more unit?
A) Total utility
B) Fixed utility
C) Average cost
D) Marginal utility
  • 7. Which market structure is characterized by a single seller?
A) Perfect competition
B) Oligopoly
C) Monopolistic competition
D) Monopoly
  • 8. What are the three main factors of production?
A) Land, labor, capital
B) Money, resources, labor
C) Capital, technology, entrepreneurship
D) Goods, services, trade
  • 9. What does 'monetary policy' refer to?
A) Control of the money supply and interest rates
B) Regulation of fiscal policies
C) Government spending on public services
D) Trade agreements with other nations
  • 10. Who proposed the theory of comparative advantage?
A) David Ricardo
B) Milton Friedman
C) Adam Smith
D) John Stuart Mill
Created with That Quiz — where a math practice test is always one click away.