Economics Intro Quiz

10 Questions
Economics Quizzes & Trivia

This is a brief quiz on the basics of Economics.

Sample Question

Economics is an exact science.

True

False

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Questions and Answers
  • 1. 
    Economics is an exact science.
    • A. 

      True

    • B. 

      False

  • 2. 
    According to the Law of Demand, "As price of the good or service increases demand for that product..."
    • A. 

      Decreases

    • B. 

      Increases

    • C. 

      Remains the same

  • 3. 
    Peanut butter and jelly are two goods that are examples for:
    • A. 

      Substitutes

    • B. 

      Complements

    • C. 

      Inferior goods

  • 4. 
    As the price of a good decreases the demand for its substitute:
    • A. 

      Decreases

    • B. 

      Increases

    • C. 

      Remains the same

  • 5. 
    • A. 

      The demand curve for hamburgers will shift to the left

    • B. 

      The demand curve for hamburgers will shift to the right

    • C. 

      The demand curve for hamburgers will remain the same

  • 6. 
    An example of substitutes are:
    • A. 

      Peanut butter and jelly

    • B. 

      Tires and cars

    • C. 

      Pizza and tacos

  • 7. 
    The visual display of a demand schedule on a graph is called:
    • A. 

      Demand curve

    • B. 

      Supply curve

    • C. 

      Law of demand

    • D. 

      Law of supply

  • 8. 
    The demand curve illustrates the relationship between:
    • A. 

      Price and supply

    • B. 

      Price and substitutes

    • C. 

      Price and quantity demanded

    • D. 

      Price and income

  • 9. 
    An increase in a person's income level will cause that persons demand for normal goods to:
    • A. 

      Shift to the right

    • B. 

      Shift to the left

    • C. 

      Remain the same

  • 10. 
    The law of supply states, "As the price of good increases the supply of that good..."
    • A. 

      Increases

    • B. 

      Decreases

    • C. 

      Remains the same