Hardest Trivia Quiz On Economics

50 Questions | Total Attempts: 711

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Economics Quizzes & Trivia

Are you about to sit for your first-semester examination for your Economics final? The quiz below is made upon fifty questions and is considered one of the hardest trivia quizzes there is on economics. Give it a try and know that if you manage to get more than half the marks, then you are all set to go. All the best!


Questions and Answers
  • 1. 
    Which is not a "factor of production"?
    • A. 

      Land

    • B. 

      Labor

    • C. 

      Capital

    • D. 

      Opportunity Cost

  • 2. 
    What is opportunity cost?
    • A. 

      Best alternative given up as a result from decision

    • B. 

      Cost of starting a business

    • C. 

      A situation in which people do not have enough resources

  • 3. 
    How do banks create money?
    • A. 

      Saving money

    • B. 

      Selling goods

    • C. 

      Making loans

    • D. 

      Taking money

  • 4. 
    Why are tariffs created?
    • A. 

      Make less money

    • B. 

      Celebrate a national day

    • C. 

      Protect infant industries

    • D. 

      Provide more time to produce a product

  • 5. 
    A rise in the general price level of goods and services?
    • A. 

      Promotion

    • B. 

      Inflation

    • C. 

      Rise

    • D. 

      Deflation

  • 6. 
    What is the law of supply?
    • A. 

      Price increases// quantity supplied increases

    • B. 

      Price increases// quantity supplied decreases

    • C. 

      Price increases// quantity demand increases

    • D. 

      Price increases// quantity demand decreases

  • 7. 
    What is the law of demand?
    • A. 

      Price increases// quantity supplied increases

    • B. 

      Price increases// quantity supplied decreases

    • C. 

      Price increases// quantity demand increases

    • D. 

      Price increases// quantity demand decreases

  • 8. 
    All resources are
    • A. 

      Unlimited.

    • B. 

      Limited.

    • C. 

      Everlasting.

  • 9. 
    The inability to satisfy all wants at the same time is
    • A. 

      Resources.

    • B. 

      Goods.

    • C. 

      Taxes.

    • D. 

      Scarcity.

  • 10. 
    What does FDIC stand for?
    • A. 

      Federal Deposit Insurance Corporation

    • B. 

      Financial Directory Incorporated Company

    • C. 

      Federal Deposit Information Company

    • D. 

      None of the above

  • 11. 
    Which is an example of a stock exchange in the US?
    • A. 

      DJIA

    • B. 

      NYSE

    • C. 

      S&P 500

  • 12. 
    What is the act of giving up one benefit in order to gain another greater benefit?
    • A. 

      Trade-off

    • B. 

      Opportunity cost

    • C. 

      Marginal cost

    • D. 

      Marginal benefit

  • 13. 
    What is the desire to own something and the ability to pay for it?
    • A. 

      Demand curve

    • B. 

      Law of demand

    • C. 

      Demand

    • D. 

      Income effect

  • 14. 
    What Federal Reserve district is Evansville a part of?
    • A. 

      Minneapolis

    • B. 

      Chicago

    • C. 

      Cleveland

    • D. 

      St. Louis

  • 15. 
    If the Reserve requirement is 20% and a $1,000 deposit is made in a bank. How many dollars of the deposit must the bank hold in required reserves?
    • A. 

      $200

    • B. 

      $20

    • C. 

      $100

    • D. 

      $400

  • 16. 
    Under what president was the Federal Reserve System created?
    • A. 

      Richard Nixon

    • B. 

      Thomas Jefferson

    • C. 

      Woodrow Wilson

    • D. 

      George Bush

  • 17. 
    What is the type of unemployment that occurs when people take time to find a job?
    • A. 

      Cyclical

    • B. 

      Seasonal

    • C. 

      Structural

    • D. 

      Frictional

  • 18. 
    What is the type of unemployment that occurs when workers’ skills do not match those needed for the jobs that are now available?
    • A. 

      Cyclical

    • B. 

      Seasonal

    • C. 

      Structural

    • D. 

      Frictional

  • 19. 
    What is the name of the trade agreement between U.S., Canada, and Mexico?
    • A. 

      NAFTA

    • B. 

      FACTA

    • C. 

      NAP

    • D. 

      None of the above

  • 20. 
    What is the solution to the national debt?
    • A. 

      Decrease spending

    • B. 

      Raise taxes

    • C. 

      All of the above

  • 21. 
    What is a tax on something you own?
    • A. 

      Income tax

    • B. 

      Property tax

    • C. 

      Sales tax

    • D. 

      All of the above

  • 22. 
    In what way do banks pay customers?
    • A. 

      A nice visit to your home

    • B. 

      Interest

    • C. 

      An I.O.U

    • D. 

      Money that you lost

  • 23. 
    What is a cost that does not change?
    • A. 

      Variable cost

    • B. 

      Total cost

    • C. 

      Fixed cost

    • D. 

      Marginal cost

  • 24. 
    What is a cost that changes do to the change in quantity produced?
    • A. 

      Marginal cost

    • B. 

      Fixed cost

    • C. 

      Variable cost

  • 25. 
    What does GDP stand for?
    • A. 

      Gross Domestic Product

    • B. 

      Gross Domestic Production

    • C. 

      Great Developing Products

    • D. 

      Great Depression Period