Economics Introduction Quiz Questions!
The study of economics is an important one, which looks at how we produce, distribute and consume goods and services for a variety of reasons. A lot of the world we live in relies on trade, whether it’s from country to country or taking place internally, and all of that information needs to be tracked to ensure it is being done in a way that is beneficial to everybody. Let’s start your studies on the topic off with this quiz!
- 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.An increase in the price of pizza will do what to the demand curve for hamburgers?
- 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
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