Econ Quizzes & Trivia

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Questions: 44 | Attempts: 1005 | Last updated: Feb 15, 2013

Sample Question
1. The "balance of payments" is a periodic statement of the

Assets and liabilities of a firm.

Money value of all transactions between producers and consumers.

Money value of all transactions between residents of one country and residents of another country.

Price of one currency-for example, the U.S. dollar-in terms of all other currencies.

Questions: 70 | Attempts: 1365 | Last updated: Apr 30, 2012

Sample Question
1. Market failure is a situation in which

The market does not provide the ideal or optimal amount of a particular good.

There are too many buyers but not enough sellers.

Prices are too high for "average" people to buy necessities.

There is a question over the quality of a product for sale.

Economics is the social science that studies how people interact with value; in particular, the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic...

Questions: 81 | Attempts: 891 | Last updated: May 4, 2021

Sample Question
1. Two major exports for the United States are

Clothing and office machines.

Soybeans and scientific instruments.

Footwear and fish.

Coffee and diamonds.

None of the above

Econ Chapter 21

Questions: 60 | Attempts: 1121 | Last updated: Apr 30, 2012

Sample Question
1. The diamond-water paradox is the observation that

Those things that have the greatest price often have little value in exchange and those things that have the lowest price often have the greatest value in exchange.

Those things that have the greatest value in use often have little value in exchange and those things that have little value in use often have the greatest value in exchange.

Those things that have the least value in use often have little value in exchange and those things that have the greatest value in use often have the greatest value in exchange.

Those things that have the least price often have little value in exchange and those things that have the greatest price often have the greatest value in exchange.

Econ 122 Exam 3

Economics is a social science that explores the dynamics of a market involving consumers and the consumption of goods and services. Take the quiz below to learn about monopoly of markets and perfect competition.

Questions: 39 | Attempts: 426 | Last updated: Mar 30, 2018

Sample Question
Assume the market for organic produce sold at farmers markets is perfectly competitive. All else equal,as equilibrium price of the produce and sell organic produce at farmers' markets, what is likely to happen to the equilibrium price of the produce and profits of the organic farmers in the long run?

The equilibrium price is likely to increase and profits are likely to remain unchanged.

The equilibrium price is likely to decrease and profits are likely to decrease.

The equilibrium price is likely to remain unchanged and profits are likely to increase.

The equilibrium price is likely to increase and profits are likely to increase.

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