Economics Online Test

1. The fundamental economic problem faced by all societies is:


2. "Capitalism" refers to:


3. There are three fundamental questions every society must answer. Which of the following is/are one of these questions?


4. If you were working full-time now, you could earn $20,000 per year. Instead, you are working part-time while going to school. In your current part-time job, you earn $5,000 per year. At your school, the annual cost of tuition, books, and other fees is $2,000. The opportunity cost of completing your education is:


5. The bowed shape of the production possibilities curve illustrates:


6. You have taken this quiz and received a grade of 3 out of a possible 10 points (F). You are allowed to take a second version of this quiz. If you score 7 or more, you can raise your score to a 7 (C). You will need to study for the second version. In making a rational decision as to whether or not to retake the test, you should


7. The law of demand states that:


8. The price elasticity of demand is the:


9. Community Colleges desired to increase revenues. They decided to raise fees paid by students with Bachelors degrees to $50 per unit because they believed this would result in greater revenues. But in reality, total revenues fell. Therefore, the demand for Community College courses by people with Bachelors degrees must have actually been:


10. The demand for a product would be more inelastic:













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""""""""""""""""""""""""""""""""""""""""''Economics, Microeconomics,Economics, Consumption, Indifference Curves, Indifference Map, Marginal Rate of Substitution, Properties of Indifference Curves, Price Line and Consumer’s Equilibrium"""""""""""""""""""""""

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