Hardest Trivia Quiz On Economics
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!
- 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
Questions: 10 | Attempts: 17519 | Last updated: Jun 15, 2020
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