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
26. What is the first determinant of supply?
  1. Technology
  2. Expectations of suppliers
  3. Input prices
  4. Elasticity
See answer
27. If buyers and/or sellers do not have all of the available information about a product’s prices, customers, suppliers, inputs, available markets, etc., what is this called?
  1. Imperfect information
  2. Market failure
  3. Bilateral monopoly
  4. In-truth advertising
See answer
28. Which of the following refers to the graphical method of illustrating the complicated economic relationship between consumption and spending?
  1. The scarcity and demand curve
  2. The supply and demand paradigm
  3. The market equilibrium balance
  4. The production possibilities curve
See answer
29. The marginal social benefit (MSB) is obtained by adding the marginal private benefit to what?
  1. The marginal private cost
  2. The marginal external cost
  3. The marginal external benefit
  4. The marginal social cost
See answer
30. What is the correct equation for determining the elasticity of supply?
  1. Percentage change in quantity demanded/percentage change in price
  2. Percentage change in quantity demanded/percentage change in income
  3. Percentage change in quantity supplied/percentage change in price
  4. Percentage change in quantity supplied/percentage change in quantity demanded
See answer

Select how would you like to study

Study Mode Free Daily Question Test Mode