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