Economics Test Trivia Questions! Quiz

16 Questions

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Economics Quizzes & Trivia

There are different things that we get to study when we take up economics as a discipline. Each of the studies has a primary focus that distinguishes it from the others. Do you think that you have what it takes to identify which economic study is being described by the questions below? Let’s take your answer for a test drive using this quiz.


Questions and Answers
  • 1. 
    • A. 

      Normative economics

    • B. 

      Positive economics

    • C. 

      Macroeconomics

    • D. 

      Microeconomics

  • 2. 
    • A. 

      Normative economics

    • B. 

      Positive economics

    • C. 

      Macroeconomics

    • D. 

      Microeconomics

  • 3. 
    • A. 

      "Americans do not save enough of their income."

    • B. 

      "The Japanese save more of their income than Americans."

    • C. 

      "Americans save about 3% pf their income."

    • D. 

      "Americans lead the Japanese in grain production."

  • 4. 
    Which of the following satements is an example of positive economics?
    • A. 

      "The unemployment rate is 6%."

    • B. 

      "Unemployment is worse than inflation."

    • C. 

      "The major economic goal of our nation should be a low level of unemployment."

    • D. 

      "We need to pray every day that God will protect us from unemployment."

  • 5. 
    What level of economic study is concerned primarily with large-scale economic choices and issues?
    • A. 

      Normative economiccs

    • B. 

      Positive economics

    • C. 

      Macroeconomics

    • D. 

      Microeconomics

  • 6. 
    What level of economic study is primarily concerned with choices made by individual units?
    • A. 

      Normative economiccs

    • B. 

      Positive economics

    • C. 

      Macroeconomics

    • D. 

      Microeconomics

  • 7. 
    • A. 

      What percentage of his income should a person save?

    • B. 

      Which country in Latin America has the worst economy?

    • C. 

      What is the average cost of a house in a community?

    • D. 

      How will the location of a new drugstore affect its success?

  • 8. 
    What is oppurtunity cost?
    • A. 

      The satisfaction a person recieves from a choice

    • B. 

      Choosing a good with negative price tag

    • C. 

      The satisfaction aperosn gives up for not choosing what was second best

    • D. 

      The intristic value of a good that is chosen

  • 9. 
    What is an oppurtunity benefit?
    • A. 

      The satisfaction a person recieves froma choice

    • B. 

      Choosing a good with a negative price tag

    • C. 

      The satisfaction aperosn gives up for not choosing what was second best

    • D. 

      The intristic value of a good that is chosen

  • 10. 
    Which of the following words is least related to the view that economics is dismal science?
    • A. 

      Insatiablility

    • B. 

      Scarcity

    • C. 

      Utility

    • D. 

      Opportunity cost

  • 11. 
    Which of the following is a nuisance good?
    • A. 

      Eyeglasses

    • B. 

      Toxic waste

    • C. 

      A musical concert

    • D. 

      A abnk account

  • 12. 
    The opposite of a nuisance good is a(n)_______good
    • A. 

      Economic

    • B. 

      Scarce

    • C. 

      Free

    • D. 

      Subjective

  • 13. 
    What is a nuisance good?
    • A. 

      Something that bears apositive economic cost

    • B. 

      Something that bears a negative economic cost

    • C. 

      Something that bears zero economic cost

    • D. 

      Something that evryone needs

  • 14. 
    To an economist, which of the following is unlimited?
    • A. 

      Time

    • B. 

      Money

    • C. 

      Natural resources

    • D. 

      Wants

  • 15. 
    Which of the following statements about insatiability is true?
    • A. 

      Everyone has unlimited wants

    • B. 

      Everything is in short supply

    • C. 

      Material wealth is the product of ourown labors

    • D. 

      Chritians should seek material wealth

  • 16. 
    As a science, economics always begins with
    • A. 

      Hypotheses

    • B. 

      Predictions

    • C. 

      Observations

    • D. 

      Manipulative of variables