5. Quantitative Methods

Graphical Skills — Quiz

Test your understanding of graphical skills with 5 practice questions.

Practice Questions

Question 1

In a standard supply and demand diagram, what happens to the equilibrium price when there is a leftward shift of the supply curve?

Question 2

If the demand curve shifts to the right, what is the likely effect on consumer surplus in a supply and demand diagram?

Question 3

In a production possibility frontier (PPF) diagram, what does a point outside the frontier represent?

Question 4

When analyzing the impact of a subsidy on a market, how is the subsidy typically represented in a supply and demand diagram?

Question 5

In a diagram illustrating a negative externality in production, which curve represents the marginal social cost?