Economics Exam: Take This Trivia! Ultimate Quiz

11 Questions | Total Attempts: 50

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Economics Exam: Take This Trivia! Ultimate Quiz

Economics is a social science that evaluates how people allocate their money, including daily living and planning for their financial future. You will have to be sure about who the national economics council's director is, an approach to economics involving a statement of facts, what economics is, what type of economic relationship exists between two separate events, etc. Expend your energy and take this quiz. You will earn a certificate in the end.


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

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