Hardest Trivia Quiz On Economics

50 Questions | By Jkelpers | Last updated: Mar 22, 2022 | Total Attempts: 968

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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