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