Economics Exam: Take This Trivia! Ultimate Quiz

11 Questions | Total Attempts: 41

SettingsSettingsSettings
Please wait...
Economics Exam: Take This Trivia! Ultimate Quiz

.


Questions and Answers
  • 1. 
    Who is the director of the national economics council?
    • A. 

      David Summers

    • B. 

      Jonathan Williams

    • C. 

      Lance Sanders

    • D. 

      Lawrence Summers

    • E. 

      Bill Walters

  • 2. 
    Three types of economics signals are
    • A. 

      Wages and Salaries

    • B. 

      Interest Rates

    • C. 

      Principles

    • D. 

      Corporate Profits

    • E. 

      Laws

  • 3. 
    Macroeconomics refers to the structure of economic activity and it deals with small units like a business firm, an industry, or a single market.
    • A. 

      True

    • B. 

      False

  • 4. 
    An approach to economics involving a statement of facts.
    • A. 

      Normative Economics

    • B. 

      Positive Economics

    • C. 

      Negative Economics

    • D. 

      Derivative Economics

  • 5. 
    An approach to economics that involves interpretations of facts is positive economics.
    • A. 

      True

    • B. 

      False

  • 6. 
    The Greek word "Oikonomos" means
    • A. 

      House warming

    • B. 

      House sharing

    • C. 

      Maid

    • D. 

      Housekeeping

    • E. 

      Economics

  • 7. 
    Investment in economics means
    • A. 

      Buying and selling government bonds

    • B. 

      Putting money into the stock market

    • C. 

      Expenditures on capital things

    • D. 

      Buying stock

    • E. 

      Expenditures on corporate shares

  • 8. 
    What is Economics?
    • A. 

      The science of how individuals and societies deal with the fact that needs are greater than the limited resources available to satisfy those needs.

    • B. 

      The science of how the government is able to supply what is demanded by the individuals.

    • C. 

      The science of how individuals and societies deal with the fact that wants are greater than the limited resources available to satisfy those wants.

    • D. 

      None of the above

  • 9. 
    The fallacy of composition means assuming what is good for you is also good for everyone else.
    • A. 

      True

    • B. 

      False

  • 10. 
    The number of inches of rainfall per month and the sale of umbrellas is an example of which type of economic relationship.
    • A. 

      Indirect relationship

    • B. 

      Direct relationship

    • C. 

      Proportional relationship

    • D. 

      Inverse relationship

    • E. 

      A and D are correct

  • 11. 
    The type of relationship in which one variable increases and the other decreases in an example of 
    • A. 

      Direct variation

    • B. 

      Inverse relationship

    • C. 

      Indirect variation

    • D. 

      Proportional relationship