ECN104 QUIZ 1 PART 4

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School

Toronto Metropolitan University *

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Course

101

Subject

Economics

Date

Jan 9, 2024

Type

docx

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Uploaded by jaydog90210

ECN 104 QUIZ 1 PART 4 22. Question:  What economic concept represents the total market value of all final goods and services produced within a country in a specific time period? a) Gross National Product (GNP) b) Net National Product (NNP) c) Gross Domestic Product (GDP) d) National Income (NI) 23. Question:  Which of the following is a measure of the responsiveness of quantity demanded to a change in price? a) Elasticity b) Utility c) Marginal cost d) Price elasticity of demand 24. Question:  In economics, what does the term "elasticity" measure? a) The firm's profit margin b) The quantity of goods demanded c) The responsiveness of quantity demanded to a change in price d) The level of competition in the market 25. Question:  What does the term "invisible hand" refer to in economic theory? a) Government intervention in the market b) The self-regulating nature of a free market c) Price controls d) Monopoly power 26. Question:  What type of unemployment occurs when there is a mismatch between the skills of job seekers and the requirements of available jobs? a) Frictional unemployment b) Structural unemployment c) Cyclical unemployment d) Seasonal unemployment 27. Question:  In the context of production possibilities, what does a point inside the production possibilities curve indicate? a) Underutilization of resources b) Efficient use of resources c) Economic growth d) Unattainable levels of production

28. Question:  What is the term for the situation where one individual or firm can produce a good at a lower opportunity cost than another individual or firm? a) Comparative advantage b) Absolute advantage c) Specialization d) Trade surplus

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ECN104 QUIZ 1 PART 4

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