The Hardest Economics Trivia Questions! Trivia

10 Questions | Total Attempts: 231

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Economics Quizzes & Trivia

In layman’s terms, the social science of economics involves the study of money, goods, and services – or rather how we can keep the wheels turning and continue to have people producing, distributing and consuming these goods and services so that the money can keep moving around. What else do you happen to know about the subject of economics? Take the following quiz to see! Good luck!


Questions and Answers
  • 1. 
    The consumption function of an economy with no government sector and no foreign trade is C = W120 + 0.6Y. (C = aggregate consumption and Y national income). If investment expenditure is autonomous and equal to W 280, what is the equilibrium level of INCOME ?
    • A. 

      N400

    • B. 

      N600

    • C. 

      N800

    • D. 

      N1000

  • 2. 
    The winner of a T.V quiz is offered a choice of either N1000 or the content of one  or other of two sealed boxes. She’s told that one box contains N2500 and that the other box is empty. What is the opportunity cost to the individual of opting for the N1000 price.
    • A. 

      A 50% chance of winning W2500

    • B. 

      50% chance of winning W1500

    • C. 

      A 50% chance of winning W1500

    • D. 

      A 50% chance of losing W1000

  • 3. 
    Which schedule show the maximum price at which a firm would able to sell any given level of output.
    • A. 

      Demand schedule

    • B. 

      Marginal revenue schedule

    • C. 

      Production schedule

    • D. 

      Supply schedule

  • 4. 
    In which circumstance will an indirect tax fall entirely upon the producer of a commodity?
    • A. 

      When the demand curve is perfectly inelastic

    • B. 

      When the elasticity of demand is unit at all points on demand curve

    • C. 

      When the elasticity of supply is unit at all point on the supply curve

    • D. 

      When the supply curve is perfect inelastic

  • 5. 
    In a  closed  economy with no government , the value of the investment multiplier is 3 by how much will consumption increase, if investment increase by N3000 ?
    • A. 

      W100

    • B. 

      W200

    • C. 

      W600

    • D. 

      W900

  • 6. 
    Which of the following is a normative statement ?
    • A. 

      A more equal distribution of income would increase the rate of economic growth

    • B. 

      A more equal distribution of income would raise the average propensity to consume

    • C. 

      A more equal distribution of income would be inflationary

    • D. 

      More equal distribution of income would increase national welfare

  • 7. 
    An employer currently employs 200 workers. The marginal cost of hiring an addictional worker is N502. If the employees current wage bill is N20,000 by how much will the wage paid per worker need to be increased in order to attract one more worker ?
    • A. 

      N1.50

    • B. 

      N2.00

    • C. 

      N2.52

    • D. 

      N3.00

  • 8. 
    Given the cost function C = 160 + 36q, What is the average cost of 20 units of output?
    • A. 

      N44

    • B. 

      N216

    • C. 

      N880

    • D. 

      N720

  • 9. 
    When the important of a commodity is limited to a definite quantity, the control means used is known as
    • A. 

      Quotas

    • B. 

      Tax relief

    • C. 

      Devaluation

    • D. 

      Exchange rate

  • 10. 
    How do commercial bank create money ?
    • A. 

      By cashing cheques for their customers

    • B. 

      By increasing their reserves at the central bank

    • C. 

      By making loans available to customers

    • D. 

      By charging customers for banking services