Economics Quizzes, Questions & Answers

Recent Quizzes

Explore the dynamics of labor economics and international trade through this quiz. Assess skills in understanding migration impacts, factor price equalization, and productivity differences across countries, relevant for students...

Questions: 20 | Attempts: 199 | Last updated: Mar 27, 2023

Sample Question
1. Assume that the housekeeping is a perfectly competitive global industry. A housekeeper from the Philippines is contemplating immigrating to Singapore in search of higher wages. Suppose that the housekeeper earns approximately $2,000 annually and expects to find a job in Singapore worth approximately $5,000 annually for a period of 3 years. Furthermore, assume that the cost of living in Singapore is $500 more per year than at home. 1) What can we say about the productivity of housekeepers in Singapore versus the Philippines?

MPL in Singapore = MPL in Philippines

MPL in Singapore > MPL in Philippines

MPL in Singapore < MPL in Philippines

MPL may be >, =, < MPL in Philippines depending on productivity, which we don’t know

We need more information to determine the correct answer.

Test 3 Econ

Test 3 Econ focuses on key economic concepts such as recessionary gaps, tax impacts, and aggregate demand shifts. It assesses understanding of Keynesian policies, crowding out, and fiscal interventions, crucial for students...

Questions: 145 | Attempts: 457 | Last updated: Mar 22, 2023

Sample Question
94. Both Jones and Smith agree that the economy is in a recessionary gap. Jones proposes a tax cut. Smith couldn't agree more. Jones says that lower taxes will result in higher Real GDP. Again, Smith couldn't agree more. It follows that

Both Jones and Smith believe that lower taxes will raise aggregate demand, but not aggregate supply.

Both Jones and Smith believe that lower taxes will raise aggregate supply, but not aggregate demand.

One person believes lower taxes will raise Real GDP by increasing aggregate demand and the other person believes lower taxes will raise Real GDP by increasing aggregate supply.

Both Jones and Smith believe that lower taxes will raise Real GDP by increasing both aggregate demand and aggregate supply.

C or d

Econ Test 3 -13

Econ Test 3 -13 assesses knowledge on the Federal Reserve System, its operations since 1914, governance, major responsibilities, and banking mechanics. It's designed for learners to understand U.S. economic regulations and...

Questions: 25 | Attempts: 261 | Last updated: Mar 20, 2023

Sample Question
1. The Federal Reserve System is the

Federal government agency that collects taxes and spends these receipts on tanks, bridges, government employees' salaries, etc.

Company that delivers packages to your front door.

Central bank of the United States.

Federal government agency that collects and disseminates all the economic data that economists are interested in.

Economics Quiz Questions With Answers

Economics Quiz Questions with answers

This Economics Quiz assesses understanding of concepts like GDP, net exports, government purchases, and inflation through CPI. It's designed to enhance knowledge of economic fundamentals, crucial for academic and professional...

Questions: 41 | Attempts: 510 | Last updated: Mar 21, 2023

Sample Question
GDP is calculated including

Intermediate products but not final products.

Manufactured goods but not services.

Final products but not intermediate products.

Only good purchased by consumers in a given year.

Price Determination In Market: Quiz!

This quiz titled 'Price Determination In Market' assesses understanding of market equilibrium, marginal revenue, and profit maximization. It challenges learners to apply economic principles to determine optimal pricing and output...

Questions: 90 | Attempts: 1126 | Last updated: Mar 22, 2023

Sample Question
In the table below what will be equilibrium market price? Price Demand(tonnes per annum) Supply(tonnes per annum) 1 1000 400 2 900 500 3 800 600 4 700 700 5 600 800 6 500 900 7 400 1000 8 300 1100

Rs.2

Rs.3

Rs.4

Rs.5

World's Toughest Trivia Quiz On Economics

World's Toughest Trivia Quiz on Economics

Some people may have attained a degree in economics and think that they know a lot when it comes to economics. Are you one of those people that brag about their knowledge in economics? Take up what has come to be known as the...

Questions: 86 | Attempts: 704 | Last updated: Aug 27, 2024

Sample Question
Which of the following is a measure of economic growth that is most useful for measuring political preeminence?

Growth in nominal GDP

Decreases in the rate of unemployment

Increases in real GDP per capita

Increases in real GDP

Final Exam Part 1

The 'Final Exam Part 1' assesses understanding of monetary concepts including characteristics of money, the implications of a barter system, and various money aggregates. It evaluates critical financial literacy skills, essential...

Questions: 66 | Attempts: 157 | Last updated: Mar 21, 2023

Sample Question
Which of the following would not be considered a characteristic of money?

It is a store of value

It is a means of payment

It must have intrinsic value

It is a unit of account

Pure Monopoly Trivia Quiz

Pure Monopoly Trivia quiz

A pure monopoly is a relatively rare market structure where one company is the single source for a product and there are no close alternatives for that product available elsewhere. What do you know about how pure monopolies...

Questions: 5 | Attempts: 416 | Last updated: Sep 20, 2024

Sample Question
What is Pure Monopoly?

A board game.

An movie about economy.

When a company holds such a dominance in a market that no effective competition can take place.

All of the above.

Economics Practice Exam! Trivia Knowledge! Quiz

Preparing for an economics exam? This quiz can be helpful to you. With this quiz, you must know what scarcity is, what is a want compared to a need, what is specialization, how does economic growth flourish, what exactly is...

Questions: 9 | Attempts: 2352 | Last updated: Mar 22, 2023

Sample Question
What is Scarcity?

Scarcity Is the condition that results from society not having enough resources to produce all things.

The fundamental economic problem facing all societies is that of scarcity.

Whether they are rich or poor mot people want more stuff.

Some people want things like expensive cars and extra big houses things such as that.

Awesome Quiz On Agriculture

Awesome quiz on Agriculture

Explore the dynamics of labor distribution, trade impacts, and price shifts in the 'Awesome quiz on Agriculture'. This quiz assesses understanding of economic principles in manufacturing and agriculture, exploring how trade...

Questions: 20 | Attempts: 1338 | Last updated: Aug 29, 2023

Sample Question
Suppose that the wage is $20 per hour in a two-sector (manufacturing and agriculture) specific-factors model. Currently, the prices of manufactured and agricultural outputs are $5 and $1, respectively; the marginal product of labor in the manufactured sector is 6 units per hour; and the marginal product of labor in the agricultural sector is 10 units per hour. What will happen to the distribution of labor between the two sectors?

Nothing. The current allocation of labor between the two sectors is ideal.

The manufacturing sector will demand more labor, and the agricultural sector will demand less labor at the current wage.

The agricultural sector will demand more labor, and the manufacturing sector will demand less labor at the current wage.

Both the agricultural and the manufacturing sector will demand more labor at the current wage.

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