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! Test your understanding of models and assumptions with these 10 questions. Good luck!
What does the term 'ceteris paribus' mean?
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Which of the following are assumptions made in economic models? (Select all that apply)
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Economics is the study of how {{blank0}} resources are allocated to satisfy {{blank1}} wants.
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Match the items on the left with their correct pairs on the right
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Calculate the opportunity cost if a company spends £500 on advertising instead of using it for product development, which would generate £800 in profits.
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Which of the following is an example of a normative statement?
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Which of the following are benefits of using models in economics? (Select all that apply)
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A {{blank0}} statement describes the world as it is, whereas a {{blank1}} statement prescribes how it should be.
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