Economics Quizzes & Trivia

The demand for quizzes is rapidly growing and yet there is not enough supply yet. We have to solve this issue quickly if we are to increase our profits and gain a huge market share. Competition is becoming increasingly stiff and we have to optimize production and resource allocation in order to increase our sales. You have been appointed as the new manager of this branch and it is your job to put it back on its feet. There are many questions left unanswered and you have to deal with them first.

What was the country whose economy occupied the first position in a list by incremental GDP between 2000 and 2010? Microeconomics analyzes how entities interact within a market to create what? Time to apply all your knowledge on economics.
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Questions: 52  |  Attempts: 9111   |  Last updated: Dec 18, 2020
  • Sample Question
    RIBO regulations stipulate that a broker must provide a policy or certificate of insurance to an insured within a certain period of time. What is the length of that period?

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: 14337   |  Last updated: Jun 15, 2020
  • 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

Test Your Economics Knowledge With This Quiz! 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...

Questions: 27  |  Attempts: 11536   |  Last updated: Mar 22, 2021
  • Sample Question
    What 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: 8413   |  Last updated: Jul 10, 2019
  • Sample Question
    Why is direct taxation considered a better form of taxation?

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 ensures we understand the factors affecting the...

Questions: 9  |  Attempts: 9737   |  Last updated: Mar 12, 2021
  • Sample Question
    The phenomenon of scarcity stems from the fact that...

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Economics Questions & Answers

What causes the demand curve to shift?
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
What guides economic activity in a market economy?
The market economy is a special kind of economy in which the economic decisions and ultimately the market is guided by self-interests and the prices. There is little, if any government intervention or planning involved in the process. Somewhere, the
What will an increase in money income lead to if a consumer is initially in equilibrium?
Make his indifference curves steeper, but will not alter the equilibrium position.
What is the difference between Opportunity Cost and Trade-Off?
Opportunity cost and trade-off are two different concepts in economics, yet they cannot be separated from each other because they are one and the same. Trade-off means forfeiting a certain possibility for another opportunity, while opportunity cost i
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