Economic olympic test

Answer the questition by choosing the correct once
1. The fundamental problems of economics is....
a. to establish a democratic political framework for the provision of social goods an services
b. the establishment of prices which accurately reflect the relative scarcities of products and servives.
c. the scarcity of productive resources relativ to materials wants
d. to achieve a more equitable distribution of maoney income in order to mitigate poverty
e. to make decisions concerning the types of goods and services produced, or what to produce.

2. Markets determine what, how, and for whom to produce primarily through....
a. law passed by the legislature
b. centralized committee decisions
c. elected officials
d. interactions of buyers and sellers acting in their self-interest
e. all bussines should be heavily regulated

3. An improvement in production technology will....
a. increase equilibrium price
b. shift supply curve to the right
c. shift the supply curve to the left
d. shift the demand curve to the right
e. shift the demand curve to the left

4. Which of the following transactitions would be counted in gross Domestic product?
a. Your mother wins Rp 100 millions in the lottery
b. You buy a used copy of text book
c. Astra Motor build a new plant
d. The Government pays out social security benefits
e. A drug dealer sell Rp 3 million worth of illegal drugs

5. The law of supply indicated that....
a. producers will offer more product at high prices than they will at low
b. the product supply curve is downward sloped
c. consumers will purchase less product at high prices than they will at low prices
d. producers will offer more product at low prices than they will at high prices
e. a schedule of various combination of market prices and amounts supplied