An Introduction To Economics! Trivia Quiz

11 Questions | Total Attempts: 213

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Economics Quizzes & Trivia

Are you an IB Economics? HL student and have just began your classes and now completed Section 1 on Introduction to Economics/ if so then you are in luck as the quiz below is exactly what you need to ensure that you have understood the chapter before you move on to the next one? Do give it a chance and come back for the quizzes on the following chapters.


Questions and Answers
  • 1. 
    An economic good is a good that is ...
  • 2. 
    When a good is considered abundant, it is said to be a ...
    • A. 

      Gawdy good

    • B. 

      Free good

    • C. 

      Good good

  • 3. 
    Which one of the following the best definition of "total utility"?
    • A. 

      The total satisfaction gained from consuming a certain quantity of a product

    • B. 

      The idea that rational humans buy what makes them most satisfied

    • C. 

      The extra utility gained from consuming one more unit of a product

    • D. 

      Total satisfaction

  • 4. 
    Since the late 1980s, the most proper term for classifying economies (countries) such as Poland and Slovakia would be:
    • A. 

      Free-market economies

    • B. 

      Dictatorship

    • C. 

      Planned economies

    • D. 

      Transition economies

  • 5. 
    A positive statement is a statement that can be ...
  • 6. 
    What is a PPF model/production possibility curve?
    • A. 

      A model comparing an agricultural good with an industrial good to illustrate opportunity costs and/or economic recession/growth

    • B. 

      A model comparing an agricultural good with the level of economic development in the economy

    • C. 

      A model illustrating the relationship between government tax revenue and tax rate

  • 7. 
    The three sectors of production are:1. Primary sector2. Agricultural sector3. ?
  • 8. 
    A statement that cannot be tested is said to be
    • A. 

      Normal

    • B. 

      Normative

    • C. 

      Nordic

    • D. 

      Untestable

  • 9. 
    Central concept when dealing with economic theories, which means "all other things equal"?
  • 10. 
    Which one of the following is normally not listed as one of the basic questions of economics
    • A. 

      How to produce?

    • B. 

      What to produce?

    • C. 

      When to produce?

    • D. 

      For whom to produce?

  • 11. 
    "The next best thing which you did not buy" or "The next best alternative foregone when an economic decision is made" are two different definitions of ...
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