KKStar

Trivia n°10: Exciting Economics

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Hi everyone! The trivia is back again. This time, the topic is a bit more vast, I hope you all like it. :rolleyes: Think carefully, and lots of gems will arrive in your kingdom :D.

Rewards

10 correct: 500 premium currency
5-9 correct: 250 premium currency
3-4 correct: 100 premium currency
Special Reward: 100 extra premium currency (Something which sets your entry apart from the rest ;))

Deadline

15th April, 2017, Saturday. 12 Noon GMT.

Remember to write your exact IGN and the game you play otherwise rewards shall not be given.

Also, no forum user shall post 2 IGNs or make separate entries, rewards shall be given only on the first one. Don't waste our time, neither your time.

All questions are MCQs, so just select the option you deem most appropriate. There's only 1 correct answer! ;) 


1. The diagram shows two production possibility curves (EF and GH), before and after technological progress has taken place.

trivia3.PNG.2e4d59134672268e2aac47b9ae545573.PNG

After technological progress has taken place, what is the opportunity cost in capital goods of producing OX consumer goods?
A. MH
B. OH
C. OM
D. YF

 

2. In spring 2011 the US$ exchanged for 81.6 Japanese yen. In spring 2012 the US$ exchanged for 76.1 Japanese yen.
What would be expected to rise for the United States (US) as a result of this change?
A. the level of unemployment
B. the price of US exports sold in Japan
C. the rate of imported inflation
D. the volume of imports

 

3. Cigarettes have been used as money in exceptional circumstances. What is the most likely reason that they are not acceptable as money in normal circumstances?
A. cigarettes lack durability
B. cigarettes lack intrinsic value
C. cigarettes lack portability
D. cigarettes lack uniformity

 

4. There are three firms (X, Y and Z) supplying a market. The table shows their supply at four different prices.
 

Price ($)

firm X’s supply

firm Y’s supply

firm Z’s supply

10

50

40

10

20

60

60

20

30

85

80

35

40

115

100

55


Which price change is required for market supply to halve?
A. $20 to $10
B. $30 to $10
C. $30 to $20
D. $40 to $20



5. In 2013, a German company that manufactured medicines bought a UK company that ran a chain of pharmacies that sold medicines.
What term best describes this takeover?
A. conglomerate
B. horizontal
C. vertical integration backwards
D. vertical integration forwards

 

6. In 2009, Gulf Airlines, which was making a loss, stated it would reduce the number of new aircraft on order.
 If it did this, which of its costs would be directly affected?
A. fixed costs
B. marginal costs
C. opportunity costs
D. variable costs


7. In 2007 the average annual pay of a scientist in the UK was £37 290. The average annual pay of a laboratory technician was £26 157. What could explain this difference in earnings?
A. Laboratory technicians have stronger bargaining power than scientists.
 B. Laboratory technicians have to work more unsociable hours than scientists.
C. The period of training for scientists is longer than that for laboratory technicians.
D. The supply of scientists is high relative to demand for their services.


8. Cadbury Schweppes, the confectionery business, is reported to want to reduce the number of its offices in an attempt to decrease its general and administrative costs.
Which type of cost does Cadbury Schweppes hope to decrease?
A. average variable cost
B. marginal cost
C. total fixed cost
D. total variable cost

9. India is experiencing rapid growth in air travel. The number and size of airlines is increasing every year. Which effect arising from this growth is an external economy of scale?
 A. Banks are more prepared to lend to large airlines rather than small airlines.
B. Fuel suppliers charge less to airlines that buy in bulk.
C. Institutions are established to train flight crew.
D. Larger airlines operate aircraft which can carry more passengers.


10. As a result of a decrease in the demand for coal, several coal mines were closed. What type of unemployment would this cause?
A. cyclical
B. frictional
C. seasonal
D. structural

Good Luck!

Regards,
RR2 Moderator,
KK

Edited by KKStar

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Olympus Rising - RyanPlegics

1) C. OM

2) B. the price of US exports sold in Japan

3) A. cigarettes lack durability

4) C. $30 to $20

5) D. vertical integration forwards

6) D. variable costs

7) C. The period of training for scientists is longer than that for laboratory technicians.

8) C. total fixed cost

9) B. Fuel suppliers charge less to airlines that buy in bulk.

10) D. structural

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Answers to Trivia 10 questions are as follows :-

Ans to 1: A

Ans to 2: C

Ans to 3: A

Ans to 4: B

Ans to 5: D

Ans to 6: A

Ans to 7: C

Ans to 8:  C

Ans to 9: C

Ans to 10. D

Ign= Ice Troll

Game= Royal Revolt 2

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IGN: Dena4

Game: Royal Revolt 2

This was a tough one KKStar, Economics aren't my kind of thing.

It was hard to answer this. Here my attempt.

  1. A
  2. C
  3. A
  4. B
  5. D
  6. A
  7. C
  8. C
  9. C
  10. D

Fun answers.

  1. I was negatively surprised that my teacher at Cambridge came up with that same question. I already confronted him with this trivia and told him he had stolen the question from KKStar. He confessed.
  2. I think more Japanese will visit the United States since it will become more cheap. Since they eat rice and sushi a lot, that must be imported. So the import must increase.
  3. cigarettes aren't accepted as money, since not everyone smokes. In Thailand however, they use banana leaves as replacement of cigarettes, can I also pay with them if someone accepts them?
  4. Wait... What are you asking? Can you translate that into Dutch language for me? I don't have a clue what is asked here.
  5. Edward sells medicines also, he goes to Germany to take over those German companies. This is similar, but he just calls it a takeover.
  6. Lol, that's a complete incorrect decision, in that situation they should have increased the orders. No wonder why they lose money.
  7. I can't believe that they both accept that low salary. Are they nuts?
  8. I don't drink Schweppes, can you rephrase the question in terms of Coca Cola?
  9. There is no relation between the size of airplanes and economical growth.
  10. Is there a decrease in demand of coal? I thought the Iron lady already closed those mines years ago and that there was no demand for coal at all. That's why Europe told England to go for Brexit.
Edited by Dena4

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1.
B . OH
2.
D. the volume of imports
3.
C. cigarettes lack portability
4.
B. $30 to $10
5.
D. vertical integration forwards
6.
A. fixed costs
7.
C. The period of training for scientists is longer than that for laboratory technicians.
8.
B. marginal cost
9.
D. Larger airlines operate aircraft which can carry more passengers.
10.
D. structural

------------

ign: Klues

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1. A. MH
2. C. the rate of imported inflation
3. A. cigarettes lack durability
4. B $30 to $10

5. D. vertical integration forwards

6.A. fixed costs
7. C. The period of training for scientists is longer than that for laboratory technicians.
8. C. total fixed cost
9.C. Institutions are established to train flight crew.
10. D. structural

ign: Darksilk

RR2

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IGN: Edward the 7th

Game: RR2

Answers:

  1.  A
  2.  C
  3.  A
  4.  B
  5.  D
  6.  A
  7.  C
  8.  C
  9.  C
  10.  D

Funny wise answers to get more gems:

1. And yes, I must confess... Have copied Jack's answers... Therefore I have cheated in the exam. Do punish me oh my teacher, cause I have sinned... Actually didn't understand half of the termini used in the trivia... Maybe I'm too old, maybe I'm not familiar with all the economics studies. Have tried to answer all by myself and got 2 answers wrong... Thanks to Jack I got them all :)

2. USD is devaluated, therefore hordes of tourists from Japan will flood the USA. So, what would be expected to rise for the United States? The lighting conditions of course! From the camera flashes...

3. Smokers cannot use the cigarettes as a replacement to money, cause they will burn out all their capital... By the way, has anyone tried the opposite? To fill with tobacco a dollar bill and to smoke it? In some countries 1USD is cheaper than one cigarette...

4. I run a business myself and didn't even understand this question...

5. Actually this is called a German takeover over the Brits.

6. No wonder Gulf Airlines are in trouble, their decision is wrong.

7. Well, instead of going to be lab technicians, they should have learned plumbing. Not only they would earn better, they will also be able to rip off the Scientists of their salaries.

8. Problem #1 of all the big conglomerates. Too many fancy and unnecessary offices. They stop to be efficient.

9. Air travel is the beginning of space travel.

10. This is bullshit, we all know the Iron Lady Margaret Thatcher closed the coal mines.

 

Genie & Master Alliance Rules!

www.genie-master.com

Gems, come to us :)

Edited by Edward the 7th

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Ign: Annemiez 

Royal Revolt 2

1. A

2. C

3. A

4. B

5. D

6. A

7. C

8. C

9. C

10. D

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ign: Vossa Magnificência

game: Royal Revolt 2

 

1 - A

2 - D

3 - B

4 - B

5 - D

6 - D

7 - D

8 - C

9 - D

10 - D

 

i have difficulties with economy, but you've made a question about money and cigarrets, i couldn't think in other thing than Eric Clapton' album :P

i will keep singin' all day long.. i feel sorry for my work mates, they will have to listen my beautiful voice today hahaha :rolleyes:

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