Quiz: Economics Trivia Questions And Answers!

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Looking for a comprehensive set of economics questions and answers? Here is the best quiz for you. This quiz pertains to which factor of production affects the other three, what is a factory machine, what is necessary being something you need instead of being what you want, what is demand for a product, and in which type of government makes all the decisions. This quiz will provide you with questions and answers about economics.

Questions and Answers

1.

A factory machine is an example of which factor of production.
- A.
  
  Capital
- B.
  
  Management
- C.
  
  Land
- D.
  
  Labor
Correct Answer
A. Capital
2.

This factor or production directs the other three.
- A.
  
  Labor
- B.
  
  Land
- C.
  
  Management
- D.
  
  Capital
Correct Answer
C. Management
3.

Which of these items is not considered to be a want.
- A.
  
  Car
- B.
  
  Ipod
- C.
  
  Shelter
Correct Answer
C. Shelter
4.

The demand for air conditioners in July is ______.
- A.
  
  Low
- B.
  
  High
- C.
  
  Stable
Correct Answer
C. Stable
5.

In what year did the Swedish academy of science institute the Nobel prize in economic science.
- A.
  
  1956
- B.
  
  1944
- C.
  
  1939
- D.
  
  1938
Correct Answer
C. 1939
6.

The Customary observance of veterans day in November as a link to our past would be important to this social science.
- A.
  
  Economics
- B.
  
  Sociology
- C.
  
  Anthropology
Correct Answer
C. Anthropology
7.

The government makes all of the decisions and consumers' choices are given little attention.
- A.
  
  Totalitarian Dictatorship
- B.
  
  Communism
- C.
  
  Macroeconomics
Correct Answer
B. Communism
8.

In this type of economy, the price consumers pay for goods and services is set by the government.
- A.
  
  Traditional
- B.
  
  Communism
- C.
  
  Controlled
Correct Answer
C. Controlled
9.

The basic problems of scarcity and allocation of limited resources are solved by production for use or need rather than production for profit.
- A.
  
  Communism
- B.
  
  Socialism
- C.
  
  Traditional
- D.
  
  Controlled
Correct Answer
B. Socialism
10.

Which branch of economics focuses on how human behavior affects all areas of the economy.
- A.
  
  Macroeconomics
- B.
  
  Microeconomics
- C.
  
  Economics
Correct Answer
A. Macroeconomics

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Current Version
Mar 21, 2022

Quiz Edited by
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May 22, 2012

Quiz Created by
Marissaamariee16

Quiz: Economics Trivia Questions And Answers!

A factory machine is an example of which factor of production.

This factor or production directs the other three.

Which of these items is not considered to be a want.

The demand for air conditioners in July is ______.

In what year did the Swedish academy of science institute the Nobel prize in economic science.

The Customary observance of veterans day in November as a link to our past would be important to this social science.

The government makes all of the decisions and consumers' choices are given little attention.

In this type of economy, the price consumers pay for goods and services is set by the government.

The basic problems of scarcity and allocation of limited resources are solved by production for use or need rather than production for profit.

Which branch of economics focuses on how human behavior affects all areas of the economy.