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