Quiz: Thinking like an economist - Models and Assumptions
Pearson Edexcel Level 3 Advanced GCE in Economics A (9EC0)
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Welcome to this quiz on thinking like an economist and understanding models and assumptions! Test your knowledge with 10 questions and learn as you go!
What does the term 'ceteris paribus' mean in economics?
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Which of the following are assumptions economists often make when building models? (Select all that apply)
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Economists use {{blank0}} to simplify reality and understand how economic systems work.
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Match the items on the left with their correct pairs on the right
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If a consumer has £100 to spend and spends £40 on a product, what is the opportunity cost of spending this money?
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Which of the following best describes a production possibility frontier (PPF)?
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The concept of {{blank0}} explains the cost of the next best alternative forgone when making a choice.
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Match the items on the left with their correct pairs on the right
Which of the following is an example of a normative statement?
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What are key characteristics of economic models? (Select all that apply)
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