Practice Quiz

Praxis II: Economics Content Knowledge Exam Prep - Question List

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41. What states that as the price of a product rises, people purchase less of that good, leading to a decrease in demand?
  1. Law of supply
  2. Command economy
  3. Law of demand
  4. Law of increasing opportunity costs
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42. From an economist’s standpoint, which of the following would be a resource?
  1. Labor
  2. Entrepreneurship
  3. Land
  4. All of the above
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43. When calculating unemployment figures in a given population, economists count those:
  1. Looking for paid work
  2. Early retirees seeking extra income
  3. Discouraged after long searches
  4. Incarcerated in prisons
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44. Which type of unemployment occurs as a result of a mismatch between the skills of the unemployed population and the type of jobs that are available?
  1. Frictional unemployment
  2. Structural unemployment
  3. Skills unemployment
  4. Cyclical unemployment
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45. Over the past 25 years, the manufacturing base in the United States has begun to erode due to outsourcing to countries with cheaper production. Skilled workers in automobile and textile manufacturing have found it difficult to find other work. What type of unemployment is this?
  1. Manufacturing
  2. Outsourcing
  3. Structural
  4. Dynamic
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