ECN104 QUIZ 1 PART 5

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Toronto Metropolitan University *

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Economics

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Jan 9, 2024

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ECN 104 QUIZ 1 PART 5 29. Question:  What economic term refers to a situation where there are limited resources, and individuals or societies must make choices about how to allocate these resources? a) Abundance b) Scarcity c) Surplus d) Overabundance 30. Question:  Which of the following is an example of a regressive tax? a) Income tax b) Sales tax c) Property tax d) Corporate tax 31. Question:  What is the term for the total market value of all goods and services produced by the residents of a country, regardless of where they are located? a) Gross Domestic Product (GDP) b) Gross National Product (GNP) c) Net Domestic Product (NDP) d) National Income (NI) 32. Question:  According to the law of demand, what happens to the quantity demanded when the price of a good decreases? a) Quantity demanded increases b) Quantity demanded decreases c) Quantity demanded remains constant d) Quantity demanded increases 33. Question:  Which market structure is characterized by a single seller with significant control over supply and pricing? a) Perfect competition b) Monopoly c) Oligopoly d) Monopolistic competition 34. Question:  What economic term refers to the total satisfaction or pleasure derived from consuming a certain quantity of a good or service? a) Marginal cost b) Utility c) Opportunity cost d) Elasticity 35. Question:

 In the context of inflation, what term describes a situation where prices rise continuously, eroding the purchasing power of money? a) Hyperinflation b) Stagflation c) Inflation d) Deflation

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