Econ Quizzes & Trivia

Top Trending Quizzes

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: 526 | 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.

Econ Chapter 31

Questions: 70 | Attempts: 1530 | 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.

Your Go-to Economics Quiz!

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: 1003 | 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: 1183 | 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 2

In Economics, we believe that utility is the amount of satisfaction that a good or service brings. The quiz below tests and advances your knowledge on the different aspects of economics, which include price and utility.

Questions: 39 | Attempts: 85 | Last updated: Mar 8, 2018

Sample Question
The difference between the highest price a consumer is willing to pay for a good and the price the consumer actually pays is called

The substitution effect

The income effect

Consumer surplus

Producer surplus

Recent Quizzes

Econ Exam 1 (Non-graph Questions)

Econ Exam 1 (non-graph questions)

Ch. 1-7, 9

Questions: 21 | Attempts: 71 | Last updated: Dec 17, 2013

Sample Question
Senator Smith wants to increase taxes on people with high incomes & use it to help the poor. Senator john argues this would discourage successful people from working & make society worse off. An economist would say:

Agree with senator smith

A good decision requires both viewpoints

We should agree with senator Jones

There are no tradeoffs between equity and efficiency

Econ Final Part 2

Econ test 2

Questions: 60 | Attempts: 43 | Last updated: Jul 30, 2011

Sample Question
Of the four factors that influence asset demand, which factor will cause the demand for all assets to increase when it increases, everything else held constant?

Liquidity

Risk

Wealth

Expected Returns