Practice Quiz

Praxis II: Economics Content Knowledge Exam Prep - Question List

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6. What is the difference between a level of production that would be optimal for society and the actual market level?
  1. Spillover costs
  2. Coase theorem
  3. Market failure
  4. Negative internality
See answer
7. Which of the following is the correct term for the simple act of giving one thing up for another?
  1. Opportunity cost
  2. Profit motive
  3. Trade-off
  4. Command
See answer
8. In recent years, Microsoft has been accused of unfair competitive practices and an unequal access to consumers. Another negative consequence of the free-market economy is:
  1. Reduced pricing due to increased consumer choice
  2. Global competition
  3. Lack of adherence to social and environmental goals
  4. Supplies’ shortages
See answer
9. Which of the following is one of the reasons that the labor curve might shift?
  1. Immigration
  2. Change in tastes or cultural norms
  3. There are opportunities available in other labor markets
  4. All of the above
See answer
10. What are goods that are used together called?
  1. Substitutes
  2. Complements
  3. Pairs
  4. Supplies
See answer

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