Entertainment
What was the name of Taylor Swift’s 2023 concert tour?
d) Eras Tour
When considering the law of diminishing marginal utility, what happens as a person consumes more of the same good?
The additional satisfaction from each extra unit consumed decreases.
What is the key concept behind the study of economics?
a) Inflation
b) Scarcity
c) Competition
d) Taxation
b) Scarcity
Which of the following factors is not typically considered in the short-run cost curves for production?
a) Land
b) Labour
c) Capital
d) Innovation
d) Innovation
Which is the formula for calculating elasticity
a) Elasticity = % change in quantity demanded / % change in price
b) Elasticity = % change in price / % change in quantity supplied
c) Elasticity = % change in total revenue / % change in quantity
d) Elasticity = % change in supply / % change in cost of production
a) Elasticity = % change in quantity demanded / % change in price
What does GNP stand for?
Gross national Product
What is the smallest planet in our solar system?
Mercury
Which actress won the Academy Award for her performance in La La Land?
a) Jennifer Lawrence
b) Emma Watson
c) Emma Stone
d) Margot Robbie
c) Emma Stone
According to the law of supply, what is the typical relationship between the price of a good and the quantity supplied?
a) As price increases, quantity supplied decreases
b) As price decreases, quantity supplied increases
c) As price increases, quantity supplied increases
d) Price and quantity supplied are unrelated
c) As price increases, quantity supplied increases
What are the two main branches of economics?
Microeconomics and macroeconomics
What is price discrimination?
Charging different prices to different consumers for the same product.
What does a positive XED value indicate?
a) The two goods are substitutes
b) The two goods are complements
c) The demand for the goods is perfectly inelastic
d) The two goods are unrelated
a) The two goods are substitutes
What does GDP per capita measure?
B) The average income per person in a country.
What is the main ingredient for the Japanese Acholic drink SAKE
Rice
Which female artist is known for the album Lemonade?
a) Rihanna
b) Lady Gaga
c) Beyoncé
d) Taylor Swift
c) Beyoncé
What occurs at the point where the supply curve and demand curve intersect?
Market equilibrium
Which economic theory is associated with the concept of "The Invisible Hand"?
a) Keynesian Economics
b) Marxism
c) Classical Economics (Adam Smith)
d) Game Theory
c) Classical Economics (Adam Smith)
Which of the following conditions is a key assumption of perfect competition?
a) Only one firm dominates the industry
b) Barriers to entry prevent new firms from entering
c) All firms produce homogenous products
d) Firms set prices according to their costs
c) All firms produce homogenous products
If the price elasticity of demand for a product is less than 1, what type of demand does it have?
a) Elastic
b) Unit elastic
c) Inelastic
d) Perfectly elastic
c) Inelastic
What is "injections" in a circular flow of income
Factors that increase the circular flow of income, like exports and investments.
What fruit was commonly thought to be poisonous in the Western world until 1820?
a) Tomatoes
b) Pineapple
c) Mango
d) Plums
a) Tomatoes
Who made Grammy history in 2023 with seven Song of the Year nominations?
Taylor Swift
Which of the following statements is true about the supply curve?
Which of the following real-world examples are excepted from the Law of Diminishing Marginal Utility?
a) Buying multiple bed sheets at a store
b) Finding a cab in New York during peak hours
c) Auctioning art pieces
d) Using a speed camera to reduce traffic violations
a) Buying multiple bed sheets at a store
What is the main difference between internal and external economies of scale?
a) Internal economies decrease costs within a firm, while external economies reduce costs across the entire industry
b) External economies arise from mergers, while internal economies come from price control
c) Internal economies are always associated with diseconomies of scale, while external economies are not
d) External economies are related to government interventions, while internal economies come from the firm's management
Answer: a) Internal economies decrease costs within a firm, while external economies reduce costs across the entire industry
Which of the following represents perfectly inelastic demand?
a) A vertical demand curve
b) A horizontal demand curve
c) A downward-sloping demand curve
d) An upward-sloping demand curve
A vertical demand curve
What is the Marginal Propensity to Consume (MPC)?
B) The fraction of an increase in income spent on consumer goods.
What is the chemical symbol for Tungsten?
a) Tu
b) Tn
c) W
d) Tg
c) W
What was the most globally streamed album on Spotify in 2023?
a) Midnights – Taylor Swift
b) Un Verano Sin Ti – Bad Bunny
c) Harry’s House – Harry Styles
d) Renaissance – Beyoncé
b) Un Verano Sin Ti – Bad Bunny
What is a likely consequence of imposing a price ceiling below the equilibrium price?
Shortage of goods
According to the income effect, if a consumer’s income decreases, what happens to their purchasing ability?
It decreases, as they can afford fewer goods.
In an oligopoly, what typically happens when one firm reduces its price?
Other firms reduce their prices to match, preventing any firm from gaining market share
What does a perfectly elastic supply curve look like?
a) A vertical line
b) A horizontal line
c) A downward-sloping line
d) An upward-sloping line
b) A horizontal line
What is the difference between Real GDP and Nominal GDP
Real GDP is adjusted for inflation
Who developed the theory of relativity?
Albert Einstein
Name two countries beginning with H (there are 3)
Haiti
Honduras
Hungary
What is the most likely effect of a government subsidy on the supply curve for a product?
a) The supply curve shifts to the right
b) The supply curve shifts to the left
c) The supply curve becomes steeper
d) There is no effect on the supply curve
a) The supply curve shifts to the right
Which of the following economists is known for their contributions to the theory of comparative advantage?
a) Thomas Malthus
b) John Maynard Keynes
c) David Ricardo
d) Karl Marx
c) David Ricardo
Which of the following conditions is not necessary for a firm to practice price discrimination?
a) The firm must have some degree of monopoly power
b) Consumers in different markets must have different elasticities of demand
c) The firm must be the only supplier in all markets
d) The markets must be separated
c) The firm must be the only supplier in all markets
Which of the following factors is not likely to affect the price elasticity of demand for a product?
a) The availability of substitutes
b) The time period considered
c) The price of complementary goods
d) The cost of production
d) The cost of production
Which of the following represents the formula for calculating National Income (Y)?
B) Y=C+I+G+(X−M)
Which organ is primarily responsible for filtering blood in the human body?
Kidney