Economics quick practice

Question 1 of 10

Economics is best defined as the study of

Question 2 of 10

A perfectly competitive firm is a

Question 3 of 10

Which institution serves as the central bank of Ghana, responsible for issuing the cedi?

Question 4 of 10

Which factor would shift the demand curve for rice to the right?

Question 5 of 10

The price of a good rises from GH¢10 to GH¢12 and quantity demanded falls from 100 to 80 units. The price elasticity of demand is

Question 6 of 10

If MPC = 0.8, the multiplier is

Question 7 of 10

If consumption C = 50 + 0.75Y and investment I = 100, equilibrium income is

Question 8 of 10

Cost savings a firm gets from growing larger are

Question 9 of 10

An increase in investment of GH¢100m with MPC 0.75 raises income by

Question 10 of 10

Country A produces 10 cloth or 5 rice per worker; country B 6 cloth or 4 rice. Country A has a comparative advantage in