Assistant Economist Scheme 2020 - test

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iMesmerized1
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Hi all,

So I've been invited to do a skype test for the Assistant Economist Scheme 2020. They've sent me some example questions and they are basically relatively straight forward economics questions

e.g.

1. How do economists define efficiency for an economy? Why do markets not achieve it and when is it not desirable?

2. What is the formula for point elasticity of demand? What is the range of elasticity over a straight-line demand curve? List the major determinant of price elasticity.

3. What is the opportunity cost of owning a bar of gold?

4. Give economic reasons why banning the sale of ivory might endanger elephants as a species.

5. What are likely to be the short-run and long-run effects on price of levying a tax on the profits of a perfectly competitive industry?

Pretty basic economics stuff that you'd even learn at A-levels.

Issue is, I graduated a couple of years ago now and have been working since. All the stuff I learned at uni needs a serious refresher.

Does anyone know any good links where I could refresh myself on these kind of things? My old laptop with all my notes on them from uni is gone now.

Happy to discuss!

Cheers
Chris
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hw8
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https://www.tutor2u.net/economics
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Samca11
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I quite like the questions. I am rusty though
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Samca11
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Efficient allocation of resorces, labour and capital. Should be at equilibrium, but in the current climate, the equilibrium is likely to shift, taking account of much lower demand. And therefore, fewer resources used, leaving an over supply of labour. Equilibrium is when demand meets supply.
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Samca11
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Elasticity of demand is the rate of change, of x with y
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Samca11
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Major determinant is the type of good, and its demand/supply
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