Economics Terms Quiz

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Test your knowledge of essential economics terms and concepts!

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Diego Franco Londoño

Colombia

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Economics Terms Quiz


Economics Terms QuizVersión en línea Test your knowledge of essential economics terms and concepts! por Diego Franco Londoño 1 Quantity of a good or service that consumers are willing and able to buy at different prices over a specific period a SUPPLY b DEMAND c MARKET d ECONOMY 2 What is the definition of 'opportunity cost'? a The profit made from selling goods. b The value of the next best alternative sacrificed. c The total cost of production. d The price of a product in the market. 3 It measures how much the quantity demanded of a good responds to a change in its price. If demand is elastic, a small price change leads to a significant change in quantity demanded a SUPPLY b OPPORTUNITY COST c DEMAND d ELASTICITY 4 What is 'supply' in economics? a The price of a product. b The profit margin on sales. c The demand for a product. d Quantity of a good or service that producers are willing and able to sell at different prices over a specific period. 5 Refers to the fundamental economic problem of having limited resources to meet unlimited wants and needs a MARKET b DEFICIT c SCARCITY d SURPLUS 6 What does 'PRICE' mean in economics? a The amount of money the economy has b The balance between supply and demand c The total cost of production. d amount of money required to purchase a good or service. It is determined by the interaction of supply and demand in a market 7 What is 'market equilibrium'? a The total revenue generated by sales. b The highest price consumers will pay. c The point where supply equals demand for a product. d The lowest price suppliers will accept. 8 What is the definition of 'ECONOMICS'? a is the study of how individuals, companies, and governments generate profits b It is a financial science of how wealth is maximized. c Study how countries import and export goods and services d is the study of how individuals, businesses, and governments allocate limited resources to satisfy unlimited wants and needs. 9 EVERYTHING ELSE CONSTANT, REFERS TO THE LATIN EXPRESSION a CETERIS PARIBUS b EXPECTO PATRONUM c IPSO FACTO d IN SITU 10 Examines the behavior of individuals and firms in making decisions about resource allocation, production, and consumption. a Economics b Price c Microeconomics d Supply

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Economics Terms Quiz

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Economics Terms QuizVersión en línea

por Diego Franco Londoño

Quantity of a good or service that consumers are willing and able to buy at different prices over a specific period

What is the definition of 'opportunity cost'?

It measures how much the quantity demanded of a good responds to a change in its price. If demand is elastic, a small price change leads to a significant change in quantity demanded

What is 'supply' in economics?

Refers to the fundamental economic problem of having limited resources to meet unlimited wants and needs

What does 'PRICE' mean in economics?

What is 'market equilibrium'?

What is the definition of 'ECONOMICS'?

EVERYTHING ELSE CONSTANT, REFERS TO THE LATIN EXPRESSION

Examines the behavior of individuals and firms in making decisions about resource allocation, production, and consumption.