Quiz: Economics Trivia Questions And Answers!

10 Questions | Total Attempts: 62

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Quiz: Economics Trivia Questions And Answers! - Quiz

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

  • 2. 
    This factor or production directs the other three.
    • A. 

      Labor

    • B. 

      Land

    • C. 

      Management

    • D. 

      Capital

  • 3. 
    Which of these items is not considered to be a want.
    • A. 

      Car

    • B. 

      Ipod

    • C. 

      Shelter

  • 4. 
    The demand for air conditioners in July is ______.
    • A. 

      Low

    • B. 

      High

    • 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

  • 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

  • 7. 
    The government makes all of the decisions and consumers' choices are given little attention.
    • A. 

      Totalitarian Dictatorship

    • B. 

      Communism

    • C. 

      Macroeconomics

  • 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

  • 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

  • 10. 
    Which branch of economics focuses on how human behavior affects all areas of the economy.
    • A. 

      Macroeconomics

    • B. 

      Microeconomics

    • C. 

      Economics

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