Trivia: Could You Pass This Economics Exam? Quiz

20 Questions | By Gcreasey | Updated: Mar 22, 2022 | Attempts: 184

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Trivia: Could You Pass This Economics Exam? Quiz - Quiz

Do you have an economics exam to pass? This quiz will give you a positive outcome. In economics, GDP stands for Gross Domestic Product, which is the best measure of a country’s economic performance. It represents the total market worth of all polished goods and services generated in a country each year or period. This is one of the many exciting components of economics. Don’t forget to take your certificate when you have finished this quiz.

Questions and Answers

1.

If Scott opens a business selling pies, he would be considered a(an):
- A.
  
  Consumer
- B.
  
  Investor
- C.
  
  Stockholder
- D.
  
  Entrepreneur
2.

What is economics?
- A.
  
  Study of the consumption, distribution, and production of goods and services.
- B.
  
  Study of how the three branches of government interact.
- C.
  
  Study of how countries trade with one another.
- D.
  
  Study of how people start new businesses.
3.

In this type of economy the government controls (regulates) and owns all property and resources:
- A.
  
  Traditional
- B.
  
  Free market
- C.
  
  Command
- D.
  
  Mixed
4.

Individuals are encouraged to open businesses but the government DOES regulate them to some degree in this type of economy.
- A.
  
  Traditional
- B.
  
  Free market
- C.
  
  Command
- D.
  
  Mixed
5.

Examples of these are water, land, minerals, and air.
- A.
  
  Human capital
- B.
  
  Capital goods
- C.
  
  Natural resources
- D.
  
  Entrepreneur
6.

The government is not involved and individuals are free to set their own prices in this type of economy.
- A.
  
  Traditional
- B.
  
  Free market
- C.
  
  Command
- D.
  
  Mixed
7.

The inability to satisfy all wants at the same time is:
- A.
  
  Scarcity
- B.
  
  Opportunity cost
- C.
  
  Price
- D.
  
  Demand
8.

When the demand for something is greater than the supply, what happens to the price?
- A.
  
  It goes up
- B.
  
  It goes down
- C.
  
  Nothing
- D.
  
  It fluctuates wildly
9.

The using of goods and services is known as:
- A.
  
  Scarcity
- B.
  
  Consumption
- C.
  
  Production
- D.
  
  Incentives
10.

The amount of money exchanged for a good or service is known as:
- A.
  
  Choice
- B.
  
  Supply
- C.
  
  Price
- D.
  
  Demand
11.

All of the following are considered incentives EXCEPT:
- A.
  
  High prices
- B.
  
  Coupons
- C.
  
  Buy one, get one free
- D.
  
  Discount cards
12.

Something that is given up when a choice is made is known as:
- A.
  
  Consumption
- B.
  
  Opportunity cost
- C.
  
  Price
- D.
  
  Production
13.

This word means to select an item or action from a set of possible alternatives:
- A.
  
  Resources
- B.
  
  Goods
- C.
  
  Choice
- D.
  
  Scarcity
14.

What do we call someone who takes a risk to produce goods and services while hoping for a profit?
- A.
  
  Proprietor
- B.
  
  Employee
- C.
  
  Consumer
- D.
  
  Entrepreneur
15.

What kind of economy is most commonly used around the world?
- A.
  
  Mixed
- B.
  
  Command
- C.
  
  Free market
- D.
  
  Traditional
16.

Goods are things that can be seen and touched.
- A.
  
  True
- B.
  
  False
17.

Services cannot be seen or touched.
- A.
  
  True
- B.
  
  False
18.

Each time a person makes an economic choice, there is an opportunity cost.
- A.
  
  True
- B.
  
  False
19.

Workers are a nation's natural resources.
- A.
  
  True
- B.
  
  False
20.

The United States has the knowledge and ability to produce all the goods and services that will satisfy everyone's wants.
- A.
  
  True
- B.
  
  False