Economics Quizzes & Trivia
Economics is the study of how societies, governments, businesses, households, and individuals allocate their scarce resources. One of how we get to ensure that the company we set up is ensuring we understand the factors affecting...
Questions: 9 | Attempts: 5651
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Sample QuestionThe phenomenon of scarcity stems from the fact that
This test is based on the ACEE's survey that produced the most common misconceptions concerning economics. By the end of the course, students will understand all the concepts touched on here. Read the following questions...
Questions: 19 | Attempts: 5603
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Sample QuestionFor most people, the largest protion of their personal income comes from:
Different factors affect the economic status of a country or individual, and one of the most common is the political environment and inflation as a whole. Over the past few weeks, we have covered much about economic and social...
Questions: 10 | Attempts: 3750
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Sample Question"Inflation increases the average level of prices". What does this statement refers to? 1. The price of commodities exceeds income 2. In real terms, the Money supply grows at a higher rate than the Gross Domestic ProductSelect the correct answer
Human wants are unlimited, but the resources used to meet them are scarce. This, therefore, means that organizations and governments need to know how to use these resources and meet human wants. Economics gives us an idea of how...
Questions: 27 | Attempts: 3524
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Sample QuestionWhat is the financial gain made in transactions?
GDP, levels of employment, life expectancy and literacy are indicators that measure socio-economic development. This test is taken up by Countries so that they see how well they are doing as compared to the standards they put for...
Questions: 10 | Attempts: 2600
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Sample QuestionWhy is direct taxation considered a better form of taxation?
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Economics Questions & Answers
What needs to be reported to RIBO of the following?A. Increase in the broker s yearly salary.B. A broker s change of address.C. A broker s errors and omissions insurance policy has...
This is not a requirement that is reported, but failure to renew the E&O insurance policy is an offence.
Where does the phenomenon of scarcity stem?
Resources are limited.
What is the classic example of a PPF?
What does PPF mean? This is the acronym for Production Possibility Frontier. A classic example of this is letter B. The mythical country is called Alpha and it has the chance to produce two goods which are bread and butter. These are two items that m
What causes the demand curve to shift?
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The increase/decrease in price may not necessarily be resulting to the shift of the demand curve. The best answer is the increase/decrease in need. Because, as the need of the product increases/decreases people would not care on the price. Say, there
Economic and social developments are some of the things that most countries hope that all their citizens get to enjoy. As discussed by our economics class economic development process involves improving the standards of living...
Questions: 10 | Attempts: 2594
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Sample QuestionWho made the use of energy requirements (calorie) as a measure of poverty in India the first time?
The study of economics covers the topic of finance and the many ways in which it can be distributed, with the production, transport, and consumption of goods and services being the main culprit. It’s an incredibly...
Questions: 25 | Attempts: 2437
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Sample QuestionWhat does the term capital mean?
Questions: 10 | Attempts: 2346
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Sample QuestionNational Income is otherwise called
The economy is the base on what a country's growth in various aspects of the life of population depends. Do you know enough about economics? Take this quiz and find out.
Questions: 72 | Attempts: 2102
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Sample QuestionWhat is Economics?
The study of economics is an important one, which looks at how we produce, distribute and consume goods and services for a variety of reasons. A lot of the world we live in relies on trade, whether it’s from country to...
Questions: 10 | Attempts: 2096
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Sample QuestionEconomics is an exact science.
Economics, at its base level, is all about consumerism. If there’s something you can produce and distribute in order to be bought and sold, it contributes towards the economy of the area in which it is taken place, at the...
Questions: 24 | Attempts: 2053
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Sample QuestionWhat are things we do NOT need to survive?
Are you looking for some revision material for the social and economic development topics? If you said yes then the quiz below is exactly what the doctor prescribed, take it up and get to have an extensive revision on the subject...
Questions: 10 | Attempts: 1926
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Sample QuestionWhich was the 1st bank managed by Indians?
The Leaving Certificate examinations are an incredibly important part of an Irish student’s life, as they will determine what your academic scope is with regards to how likely you are to get the college course of your...
Questions: 20 | Attempts: 1854
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Sample QuestionWhat proteins are found in milk?
Like it or not, you have at some point in your life been involved in the world of economics; the field of social science that looks at the production, distribution, and consumption of goods and services. Every interaction...
Questions: 7 | Attempts: 1749
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Sample QuestionIf the CPI in 2000 is 100 and the CPI in 2008 is 110, there has been:
In the world today, there are a lot of things that affect the world we live in, and they can go from our interactions with others and our standards of living and making the best out of it. Do you believe that you have a proper...
Questions: 10 | Attempts: 1657
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Sample QuestionWho compute the National Income in India?
Welcome to chapter two of our ongoing analysis on the social science of economics, the study which looks at how economic agents behave and interact with one another, and how economies work in general. There are some key questions...
Questions: 6 | Attempts: 1646
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Sample QuestionEach society determines who will consume what is produced based on
Economic development is all about growth in the amount of input of a sector, whereas social development involves how people come together to ensure that the event takes place. Below are some economic and social development trivia...
Questions: 10 | Attempts: 1622
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Sample QuestionWhich country has successfully commenced financial discipline through Fiscal Responsibility Act?
There are a lot of factors that affect the economic state of a country or entity, and some of the main things that one covers to understand these factors are economical and social development. The quiz below is made up of some...
Questions: 10 | Attempts: 1616
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Sample QuestionThis year is known as 'Year of the Great Divide.' This is with regard to population growth in India. Identify it from the given options.
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...
Questions: 16 | Attempts: 1504
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Sample QuestionWhat approach to economic study focuses on observation and prediction?
You might have absolutely no idea what the social science of economics even covers, never mind how it is studied, analyzed and put into practice. That’s completely fine, however, as your presence here shows us that you have...
Questions: 8 | Attempts: 1423
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Sample QuestionWhat does TINSTAAFL stand for?
Economics is a study that helps us to identify how to maximize the output we get from our scarce resources and meet the needs of our clients or our own needs. Do you wish to test your knowledge about economics? Take up the quiz...
Questions: 9 | Attempts: 1422
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Sample QuestionThe value of the best alternative forgone when an activity is chosen can best be defined as
Questions: 8 | Attempts: 1304
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Sample QuestionA production possibilities curve shows the relationship between the production of
For one to be successful, be it a person, institution, or country, there needs to be a plan in which ends with you having economic as well as social development. Have you been as attentive in class as you think or do you need to...
Questions: 10 | Attempts: 1294
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Sample QuestionWhat does the philosophy behind economic planning recognizes?
Economics is a study in which we get to identify how unlimited wants can be met when it comes to very limited resources. This means that people have to make choices on directions to take based on the returns they may garner. Take...
Questions: 21 | Attempts: 1233
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Sample QuestionTrade between nations is known as......
Every economic student knows the importance of having a well-structured development program and the different ways in which they can make it successful. Over the past week, we have been able to cover much on social and economic...
Questions: 10 | Attempts: 1200
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Sample QuestionAmong the following, which is not a cause for the recent rapid increase in global food prices?
