Economics Quizzes Online & Trivia

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  • What needs to be reported to RIBO of the following?A. Increase in the broker s yearly salary.B. A broker s change of address.C. A broker s errors and omissions insurance policy has...
    What needs to be reported to RIBO of the following?A. Increase in the broker s yearly salary.B. A broker s change of address.C. A broker s errors and omissions insurance policy has...
    This is not a requirement that is reported, but failure to renew the E&O insurance policy is an offence.

  • Where does the phenomenon of scarcity stem?
    Where does the phenomenon of scarcity stem?
    Resources are limited.

  • What is the classic example of a PPF?
    What is the classic example of a PPF?
    What does PPF mean? This is the acronym for Production Possibility Frontier. A classic example of this is letter B. The mythical country is called Alpha and it has the chance to produce two goods which are bread and butter. These are two items that may usually go together. Plus, the various items that are needed in order to create the two goods may be related to each other. If A would be chosen, the resources that are needed for these two separate goods may be different. Remember that in classic examples, there should be a fixed availability of the item that will be considered as a resource. The production possibility curve will usually show the maximum amount of the bread and butter that will be produced by the mythical country.

  • What causes the demand curve to shift?
    What causes the demand curve to shift?
    The increase/decrease in price may not necessarily be resulting to the shift of the demand curve. The best answer is the increase/decrease in need. Because, as the need of the product increases/decreases people would not care on the price. Say, there is a recent study that an apple can make people look 5 years younger if you eat 10 pieces of apples a day. Who would not want to look younger? Hence, people will buy more. Hence, the demand curve will shift to the right. Actually 3 answers are possible here, the number 1,2 and 4. 3 is not an accurate answer.

  • What cholesterol is bad?
    What cholesterol is bad?
    High density lipoproteins are the good ones, low density lipoproteins are the ones that are seen to be bad.

  • What guides economic activity in a market economy?
    What guides economic activity in a market economy?
    The market economy is a special kind of economy in which the economic decisions and ultimately the market is guided by self-interests and the prices. There is little, if any government intervention or planning involved in the process. Somewhere, the competition does influence the economy and serves as an invisible hand, which guides it as well. However, the government and the corporations have minimal role in setting this economy. In addition, the central planners or the president doesn’t influence it either. It is purely based on individual interest and the consecutive prices.

  • What is the concept of opportunity cost?
    What is the concept of opportunity cost?
    In micro-economic theory, the opportunity cost, also known as alternative cost, is the value (not a benefit) of the choice of a best alternative cost while making a decision. Opportunity cost is a key concept in economics, and has been described as expressing "the basic relationship between scarcity and choice. The law of increasing opportunity cost is the concept that as you continue to increase production of one good, the opportunity cost of producing that next unit increases. This comes about as you reallocate resources to produce one good that was better suited to produce the original good. A benefit, profit, or value of something that must be given up to acquire or achieve something else. Since every resource (land, money, time, etc.) can be put to alternative uses, every action, choice, or decision has an associated opportunity cost.

  • Why is the FCC implementing rules that the public does not want?
    Why is the FCC implementing rules that the public does not want?
    FCC stands for Federal Communications Commission. They are in charge of regulating some of the media industries which include social media. There are a lot of people who are in favor of net neutrality but this is not something that the FCC wants. They say that they do not care if people are all in for net neutrality because they know that they can solve this issue without the need for the implementation of this program. This has made people realize that their voices do not count very much because it is still what the agency wants that will be followed. Even if the rules are still the same, people still believe that net neutrality should be implemented but the FCC will continue to not go for it just because they can.

  • What will an increase in money income lead to if a consumer is initially in equilibrium?
    What will an increase in money income lead to if a consumer is initially in equilibrium?
    Make his indifference curves steeper, but will not alter the equilibrium position.

  • Where does MR = MC rule apply?
    Where does MR = MC rule apply?
    MR = MC rule applies both to pure monopoly and pure competition. Hence, the correct option is D. Basically, MC=MR is a profit maximization formula where MC stands for Marginal Cost and MR stands for Marginal Revenue. This maximization rule simply states that if a firm (type doesn't matter) opts for maximizing its profits, it definitely has to choose such a level of output where Marginal Cost (MC) is equal to Marginal Revenue (MR). And Marginal Cost should be rising. We can also say, MR=MC.

  • What are the characteristics of money?
    What are the characteristics of money?
    1. GENERALLY ACCEPTED , 2. STORE OF VALUE, 3. STABILITY,IT MUST BE STABLE,NOT CHANGING ALWAYS, 4. MEDIUM OF EXCHANGE, 5. UNIT OF PAYMENT.

  • Which of the following is not among the reasons why we need the government?
    Which of the following is not among the reasons why we need the government?
    All is provided by the government except for letter D. even though the food is a basic necessity of a person, it is not the government’s job to provide free for to its people. We live in an era where the food we eat is not raw and of course, we care more of our environment as there we get our resources and to protect the endangered species of plants and animals. Though the government does not give free food to us directly, it provides jobs to the people for us to have the capability to buy food for ourselves. The government also provides food and social welfare services to the less unfortunate people so they can stand back up to their feet again.

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