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1
What is the scarcity in the context of economics?
2
What do rational people do according to economics?
3
Which is the correct concept for economic thinking based on incremental changes?
4
Which of the following describes the market failure?
5
What is the correct concept for describing the need to give up in order to achieve an outcome?
6
What is the correct concept for describing goods that are less demanded when the income is higher?
7
Which of the following development causes a different effect on a demand curve?
8
Which of the following development would shift a supply curve to left?
9
What does a price ceiling policy implementation create in a market?
10
What is the value of price elasticity of demand for an ultra-high priced sports car?
11
What is the value of income elasticity for normal goods?
12
Which of the following is ineffective for the determination of price elasticity of demand?
13
Based on which of the following the sellers are able to charge customers with higher or different prices?
14
What would be the effect of a price ceiling policy which is implemented with a price higher than the market price, on market outcome?
15
Which of the following is a result of a decrease in income?
16
Which of the following is true if a consumer decreases his or her demand on a product due to an increase in his or her income?
17
Which of the following show the trade-off value when choosing a combination for consumption between two goods?
18
In economics, positive statements ------- .
Which of the following completes the sentence above?
19
What is the slope of the demand curve for the giffen goods?
20
Negatively sloped portion of the labor supply curve implies that the ------- .
Which of the following completes the sentence above?
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