Quiz 1

Question 1

The meaning of utility

Answer 1

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Question 2

Definition of economics

Answer 2

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Question 3

Meaning of “ no free lunch”

Answer 3

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Question 4

Meaning of opportunity cost

Answer 4

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Question 5

Definition and the steps of the scientific method

Answer 5

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Question 6

Meaning of ceteris paribus

Answer 6

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Question 7

Difference between macroeconomic and microeconomic

Answer 7

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Question 8

Another question difference between macroeconomic and microeconomic

Answer 8

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Question 9

Difference between positive statement and normative statements

Answer 9

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Question 10

Definition of scarcity

Answer 10

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Question 11

Difference between budget line and the production possibilities curve

Answer 11

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Question 12

The factors of production

Answer 12

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Question 13

Example related to factors of production

Answer 13

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Question 14

What are the other names for factors of production

Answer 14

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Question 15

Another question related to the Difference between budget line and the production possibilities curve

Answer 15

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Question 16

related to the five fundamental questions ?

Answer 16

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Question 17

Definition of market

Answer 17

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Question 18

Difference between demand and the law of demand

Answer 18

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Question 19

The relationship between price and quantity ( demanded /supply) positive or negative

Answer 19

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Question 20

Difference between substitution effect and income effect

Answer 20

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Question 21

Another question related to the difference between substitution effect and income effect

Answer 21

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Question 22

Difference between complement and substitute

Answer 22

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Question 23

Difference between normal and inferior good

Answer 23

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Question 24

Difference between complement and substitute

Answer 24

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Question 25

Difference between movement and shift on/off the demand curve

Answer 25

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Question 26

Another question related to the difference between movement and shift on/off the demand curve

Answer 26

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Question 27

Another question related to the difference between movement and shift on/off the demand curve

Answer 27

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Question 28

Identify an equilibrium

Answer 28

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Question 29

Define equilibrium

Answer 29

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Question 30

Define price elasticity of demand

Answer 30

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Question 31

Basic formula for price elasticity of demand

Answer 31

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Question 32

Is it elastic/ inelastic

Answer 32

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Question 33

Another question related to if it is elastic/ inelastic/perfectly elastic or inelastic

Answer 33

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Question 34

Definition of price elasticity

Answer 34

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Question 35

Another question related to if it is elastic/ inelastic/perfectly elastic or inelastic

Answer 35

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Question 36

36. Another question related to if it is elastic/ inelastic/perfectly elastic or inelastic

Answer 36

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Question 37

Another question related to if it is elastic/ inelastic/perfectly elastic or inelastic

Answer 37

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Question 38

Relationship between total revenue and price when demand is elastic

Answer 38

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Question 39

Another question related to the relationship between total revenue and price when demand is elastic

Answer 39

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Question 40

Another question related to the relationship between total revenue and price when demand is elastic

Answer 40

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