Practice Quiz

Praxis II: Economics Content Knowledge Exam Prep - Question List

Select how would you like to study

Study Mode Free Daily Question Test Mode
11. Middle class families, on average, earn $60K per annum before taxes are deducted. When state and federal taxes are directly removed from personal income, the remaining is referred to as:
  1. Gross income
  2. Disposable income
  3. Labor income
  4. Domestic income
See answer
12. Price Elasticity of Demand (PED) illustrates how well quantities of goods and services demanded by consumers respond to changes in prices. The following are determinants of PED except:
  1. Income percentage spent on goods
  2. Availability of substitute goods and services
  3. Decreased choice
  4. Time period
See answer
13. In the quantity theory of money, what does the (P) stand for as seen in the equation MV = PY?
  1. Period
  2. Peak
  3. Product
  4. Price
See answer
14. In order to effectively maximize its profit, a business should mire labor until MRP = W. True or false?
  1. True
  2. False
See answer
15. If the demand for something is perfectly inelastic, then what is the price elasticity of demand?
  1. -1
  2. 0
  3. 1
  4. 100
See answer

Select how would you like to study

Study Mode Free Daily Question Test Mode