KKStar

Trivia n°10: Exciting Economics

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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

In game name: aj_i

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IGN: daKif

Game: Royal Revolt 2

Thank you. Here are my answers

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 

 

Edited by Keith
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Game : Royal Revolt 2

Ign : lord_pk

Answers~

1. (C)  OM

2. (C)  the rate of imported inflation

3. (A)  cigarettes lack durability

4. (B) $30 to $10

5. (D) vertical integration forwards

6. (C) opportunity 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

Edited by Baby

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Thank you all for your participation in the trivia event!

In case you wonder, @KKStar is a bit short on time at the moment, so I took over to help him out and checked all participants' answers for him so you don't have to wait longer than necessary for the results (and hopefully your well-earned reward gems). :)

 

Now, as I am afraid to mess with the tables and drawings and other fancy stuff of his original post, and also to keep this concise and readable, here is the correct answer key without repeating the full questions:

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

 

For those of you who wanna see the full questions again for comparison, I quoted the page 1 post from @KKStar right below.

Spoiler
On 12.4.2017 at 5:20 PM, KKStar said:

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

 

 

 

Happy Easter everyone! Hopefully you can find some nice amounts of gems in your nests in the next couple days. ;)

 

#Edit: Oh and in case anyone wants to know, for those who submitted several IGNs for their answer ( @willian ), only the first IGN given has been considered.

Edited by Heroesflorian

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