Economics Hardest Exam Quiz: Trivia

70 Questions | Total Attempts: 697

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Economics Hardest Exam Quiz: Trivia

Exams are the most cricual part of our learning phase, expecially when it is for subject like Economics. Some would agree that economics is challenging at best. If you don’t think so, this quiz can change your mind. For this quiz, you will be required to know the three main economics questions: the definition of capital, what it means to be an entrepreneur and the opportunity cost. Dive in and take a chance with this quiz; you will learn about economics.


Questions and Answers
  • 1. 
    What is Economics?
    • A. 

      The study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources

    • B. 

      Employment, gross domestic product, inflation, economic growth, and the distribution of income

    • C. 

      Deals with behavior and decision making by small units, such as individuals and firms

    • D. 

      A rise in the general level of prices occurs, workers need more money to pay for good clothing and shelter

  • 2. 
    What is Scarcity?
    • A. 

      Giving something up to have something else

    • B. 

      Extra cost of producing one additional unit of production

    • C. 

      The condition that results from society not having enough resources to produce all the things people would like to have

    • D. 

      A rise in the general level of prices occurs, workers need more money to pay for good clothing and shelter

  • 3. 
    What are the three basic economic questions?
    • A. 

      What, where, whom

    • B. 

      What, how, whom

    • C. 

      How, whom, when

    • D. 

      What, why, whom

  • 4. 
    What are the four factors of production?
    • A. 

      Land, capital, money, entrepreneurs

    • B. 

      Land, capital, labor, entrepreneurs

    • C. 

      Capital, money, supply, demand

    • D. 

      Labor, capital, supply, demand

  • 5. 
    Definition of Capital?
    • A. 

      The tools, equipment used in the production of goods

    • B. 

      The machinery, and factories used in the production of goods

    • C. 

      The tools, and machinery used in the production of goods

    • D. 

      A and B

    • E. 

      B and C

  • 6. 
    Definition of Labor?
    • A. 

      People with all of the efforts, abilities, and skills

    • B. 

      The people who are for hire for work

    • C. 

      People with all of the workmanship, skills, and work

    • D. 

      The act of performing work at any given time

  • 7. 
    Definition of Entrepreneur?
    • A. 

      A risk taker in search of profits who's initila investment must be returned

    • B. 

      A investor in search of profits who does something new with existing resources

    • C. 

      A investor in search of profits who's initial investment must be returned

    • D. 

      A risk taker in search of profits who does something new with existing resources

  • 8. 
    What are the many payments for the factors of productions called?
    • A. 

      Land - wages, labor - interest, capital - rent, entrepreneurs - profit

    • B. 

      Land - rent, labor - wages, capital - interest, entrepreneurs - profit

    • C. 

      Land - profit, labor - rent, capital - wages, entrepreneurs - interest

    • D. 

      Land - interest, labor - rent, capital - profit, entrepreneurs - wages

  • 9. 
    What is opportunity cost?
    • A. 

      The cost assosiated with any opportunity

    • B. 

      Giving the cost in order to have the opportunity

    • C. 

      The cost required in order to succeed

    • D. 

      Giving something up to have something else

  • 10. 
    What is PPF?
    • A. 

      Possible Production Frontier

    • B. 

      Production Possibilities Frontier

    • C. 

      Probable Projection Frontier

    • D. 

      Projected Possibilities Frontier

  • 11. 
    On the PPF how can a nation achieve growth?
    • A. 

      By having more resources or increased productivity

    • B. 

      By having an increase in supply and demand

    • C. 

      By having less resources or declined productivity

    • D. 

      By having an increase in resources and decrease in productivity

  • 12. 
    What does a point inside the curve on a PPF represent?
    • A. 

      Production at greater than its minimum potential

    • B. 

      Production as less than its minimum potential

    • C. 

      Production at greater than its maximum potential

    • D. 

      Production as less than its maximum potential

  • 13. 
    What are the functions of the entrepreneur?
    • A. 

      They provide the money necessary for the resources of land, labor, and capital

    • B. 

      They provide the procedures that combines the resources of land, labor, and capital into new products

    • C. 

      They provide the initiative that combines the resources of land, labor, and capital into new products

    • D. 

      They provide the drive necessary for the resources of land, labor, and capital

  • 14. 
    Name three types of businesses
    • A. 

      Traditional, command, market

    • B. 

      Command, market, competitive

    • C. 

      Traditional, market, competitive

    • D. 

      Command, traditional, competitive

  • 15. 
    Name the types of businesses
    • A. 

      Proprietorship, corporation, industrial

    • B. 

      Partnership, industrial, commercial

    • C. 

      Corporation, proprietorship, commercial

    • D. 

      Proprietorship, partnership, corporation

  • 16. 
    What are the goals of the American Free Enterprise?
    • A. 

      Economic freedom, voluntary exchange, private property rights, profit motive, and competition

    • B. 

      Economic freedom, lack on monopolies, private property rights, profit motive, and competition

    • C. 

      Economic freedom, voluntary exchange, prevailence of rights, profit motive, and competition

    • D. 

      Economic freedom, voluntary exchange, private property rights, profit margain reduction, and competition

  • 17. 
    What is the law of demand?
    • A. 

      Rule stating that the quantity demanded of a good or service does not vary with its availability

    • B. 

      Rule stating that the quantity demanded of a good or service does not vary with its price

    • C. 

      Rule stating that the quantity demanded of a good or service varies inversely with its availability

    • D. 

      Rule stating that the quantity demanded of a good or service varies inversely with its price

  • 18. 
    What is the law of supply?
    • A. 

      The principle that suppliers will normally offer less for sale at high prices and more at lower prices

    • B. 

      The principle that suppliers will normally offer more for sale at high prices and less at lower prices

  • 19. 
    What causes the demand curve to shift?
    • A. 

      The increase/decrease in need

    • B. 

      The increase/decrease in volume

    • C. 

      The increase/decrease in price

    • D. 

      The increase/decrease in production

  • 20. 
    What causes the increase in supply?
    • A. 

      The increase/decrease in demand

    • B. 

      The increase/decrease in production

    • C. 

      The increase/decrease in volume

    • D. 

      The increase/decrease in price

  • 21. 
    What is Shortage?
    • A. 

      A situation in which the quantity demanded is greater than the quantity supplied at a given price

    • B. 

      A situation in which the quantity demanded is less than the quantity supplied at a given price

    • C. 

      A situation in which the quantity demanded is not offered by the manufacturer

    • D. 

      A situation in which the quantity demanded can not meet the supply provided

  • 22. 
    What is Surplus?
    • A. 

      A situation in which the quantity supplied is not met by the manufacturer

    • B. 

      A situation in which the quantity demanded is greater than the quantity demanded at a given price

    • C. 

      A situation in which the quantity supplied is less than the quantity demanded at a given price

    • D. 

      A situation in which the quantity supplied is greater than the quantity demanded at a given price

  • 23. 
    What is a price ceiling?
    • A. 

      A minimum legal price in order to maintain agreement

    • B. 

      A maximum legal price in order to maintain agreement

    • C. 

      A maximum legal price that can be charged for a product

    • D. 

      A minimum legal price that can be charged for a product

  • 24. 
    What is a price floor?
    • A. 

      Highest legal price that can be paid for a good or service

    • B. 

      Lowest legal price that can be paid for a good or service

    • C. 

      Highest legal price that can be charged in order to maintain agreement

    • D. 

      Lowest legal price that can be charged in order to maintain agreement

  • 25. 
    What is elastic?
    • A. 

      When a given change in price causes a relatively larger change in quantity demanded

    • B. 

      When a given change in quantity demanded causes a relatively larger change in price

    • C. 

      When a given change in price causes a relatively smaller change in quantity demanded

    • D. 

      When a given change in quantity demanded causes a relatively smaller change in price

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