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Federal Reserve Bank of Boston Economic Quiz
Economic Expressions
1. In economics the term 'market equilibrium' refers to:
When the price of a good supplied equals the price of a good demanded
When the quantity of a good supplied equals the quantity of a good demanded
Both of the above
None of the above
2. Economists use the term 'utility' to describe pleasure or satisfaction that a consumer obtains from his or her consumption of goods and services. How is utility measured?
Per capita income
Utility is a subjective measurement
Proportion of wages
None of the above
3. What does the term 'opportunity cost' mean?
The cost of producing one unit of any good
The price of an impulse purchase
The highest valued alternative (choice) that was forgone
The cost of establishing a business
4. What does the term 'ceteris paribus' mean?
All else held constant
Several other variables included
As far as can be explained
In comparison to
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Economic quiz written by: Delia Sawhney - May 6, 2002
Views expressed in the economic quiz are those of the individual author.