Economics Quizzes, Questions & Answers

Recent 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: 813 | Last updated: Mar 20, 2023

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.

Price Controls: True Or False

Price Controls: True or False

See how much you know about price controls by answering true or false to these questions!

Questions: 6 | Attempts: 1470 | Last updated: Mar 22, 2023

Sample Question
A binding price ceiling results in a shortage.

True

False

Fish Economics Test #1, Chapters 1-5

FISH Economics Test #1, Chapters 1-5

Economics Test for FISH Homeschool Group. Covers: How Economists Think, Division of Labor, Supply & Demand, Price Floors & Ceilings, and Elasticity.

Questions: 15 | Attempts: 261 | Last updated: Mar 21, 2023

Sample Question
What "miracle" is involved in the making of pencils, according to Leonard E. Read?

Pencil lead is not really "lead".

The efforts and knowledge of millions of people are brought together automatically, without force or a "master planner," in exactly the right way needed to produce pencils.

The efforts and knowledge of one "master planner" is brought together, with force in exactly the right way needed to produce pencils.

People work for their pay.

Economics And Finance IQ Quiz

Economics and Finance IQ Quiz

This Economics and Finance IQ Quiz assesses knowledge on historical economic events, financial terms, and economic concepts. It is designed to challenge and enhance understanding of economic downturns, financial distress, and...

Questions: 20 | Attempts: 271 | Last updated: Mar 21, 2023

Sample Question
Who was the president of the United States during the Depression of 1893?

Rutherford B. Hayes

Grover Cleveland

William McKinley

Teddy Roosevelt

Ch. 1 Economics Quiz

You are able to use your notes for a maximum score of a C. Let me know as I go around if you are planning on using notes.

Questions: 29 | Attempts: 668 | Last updated: Mar 21, 2023

Sample Question
Economists believe that the fundamental economic problem is that we have limited quantities to meet unlimited wants and that is the reason we have to make choices. This is due to:

Shortages in money

Scarcity of resources

Underutilization of resources

High opportunity costs

Intro To Industry And Market Concentration - Economies; Costs

Intro to Industry and Market Concentration - Economies; Costs

Do not enter your full name!! Only enter your MISID (eg kswif9)

Questions: 8 | Attempts: 151 | Last updated: Aug 22, 2024

Sample Question
An economy where decisions are made by the price mechanism is:

Laissez-Faire

Command

Modified market

Traditional

AQA As Level Economics Econ 1 January 2009

AQA AS Level Economics ECON 1 January 2009

This AQA AS Level Economics ECON 1 January 2009 quiz assesses understanding of economic theories related to resource allocation, market efficiency, and externalities. It evaluates critical economic concepts through practical...

Questions: 25 | Attempts: 586 | Last updated: Mar 22, 2023

Sample Question
Choice is an important element in the basic economic problem because

Wants increase with income.

Incomes are distributed unequally.

High demand leads to high prices.

Limited resources have alternative uses.

Price Elasticity Of Demand Quiz

Price Elasticity of Demand Quiz

Do you know about the price elasticity of demand? Try out this price elasticity of demand quiz to check your knowledge and see how updated you are. Basically, price elasticity is the measurement of changes in users'...

Questions: 10 | Attempts: 6213 | Last updated: Jul 23, 2023

Sample Question
If you slow down buying because of a price increase, your demand is

Elastic

Inelastic

Strong

Normal

Economics Mid-term Exam

Economics Mid-Term Exam

This Economics Mid-Term Exam assesses understanding of basic economic concepts such as scarcity, government roles, capital, entrepreneurship, incentives, and opportunity cost. It is crucial for students aiming to grasp...

Questions: 35 | Attempts: 2121 | Last updated: Mar 22, 2023

Sample Question
Which of these situations describes scarcity?

A country has an unskilled labor force.

Consumers want expensive products Consumers want expensive products.

Human wants exceed available resources.

Some desired things are in short supply.

Business Quiz: Measuring Economic Activity

The test covers ch 2 which provides students with an understanding of measurements commonly used to gauge economic activity and business conditions in our society.

Questions: 20 | Attempts: 1150 | Last updated: Jul 29, 2024

Sample Question
The most widely used measure of national output is called:

GDP

CPI

Unemployment rate

Retail sales

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