Economics Essentials Quiz

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Test your econ basics.

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Chum BucketIIIII

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Economics Essentials Quiz


Economics Essentials QuizVersión en línea Test your econ basics. por Chum BucketIIIII 1 What is the fundamental study of economics concerned with? a How to maximize technical efficiency b Which money is the strongest globally c How people satisfy wants with limited resources d How to eliminate scarcity completely 2 Scarcity vs. shortage: which is a long-run condition of resources? a Demand curve b Surplus c Shortage d Scarcity 3 Which phrase best describes opportunity cost? a The money spent on a good b The next best alternative forgone c The price of all options d The total cost of production 4 What is thinking at the margin? a Weighing additional costs and benefits of a little more or less b Ignoring benefits to save time c Considering only total costs d Focusing only on fixed costs 5 Which economy is described by government planning and no private property? a Command economy b Traditional economy c Mixed economy d Market economy 6 Which is a feature of a mixed economy? a Purely barter system b Only government-owned businesses c Public and private sectors both exist d No regulation at all 7 What is a public good example? a National defense b Software that costs $100 c Restaurant meal d Private tutoring 8 Which market structure has many buyers and sellers with identical products? a Oligopoly b Monopolistic competition c Monopoly d Perfect competition 9 Which statement describes the Federal Reserve’s role? a Sets every individual price b Runs all banks directly c Regulates money supply and monetary policy d Produces currency only for exports 10 Which investment strategy spreads risk across assets? a Speculation only b Diversification c Concentrated investment d Ignoring risk 11 What is the study of how people satisfy unlimited wants with limited resources? a Sociology b Physics c Psychology d Economics 12 Scarcity vs shortage: which is a natural condition due to limited resources? a Scarcity b Abundance c Shortage d Excess 13 What describes goods that are used together, like hot dogs and buns? a Substitutes b Related goods c Durables d Necessaries 14 Which concept measures the value of the next best alternative? a Sunk cost b Capital loss c Opportunity cost d Marginal cost 15 Thinking at the margin involves weighing costs and benefits of what? a All-or-nothing choices b Non-economic factors c One more unit d Past decisions 16 Which economy is centered on government planning and control? a Command economy b Mixed economy c Traditional economy d Market economy 17 In a mixed economy, who answers basic economic questions? a Only firms b Only consumers c Only government d Government and markets 18 Public goods are characterized by non-rivalry and non-excludability. True or false? a False b Sometimes true c Depends on the good d True 19 The free rider problem occurs when people do what with a good? a Ride for free without paying b Return it unused c Pay extra fees d Refuse to use it 20 Which concept describes a government protection of inventions through patents? a Elasticity of demand b Monetary policy c Intellectual property rights d Trade quotas

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Economics Essentials Quiz

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Economics Essentials QuizVersión en línea

por Chum BucketIIIII

What is the fundamental study of economics concerned with?

Scarcity vs. shortage: which is a long-run condition of resources?

Which phrase best describes opportunity cost?

What is thinking at the margin?

Which economy is described by government planning and no private property?

Which is a feature of a mixed economy?

What is a public good example?

Which market structure has many buyers and sellers with identical products?

Which statement describes the Federal Reserve’s role?

Which investment strategy spreads risk across assets?

What is the study of how people satisfy unlimited wants with limited resources?

Scarcity vs shortage: which is a natural condition due to limited resources?

What describes goods that are used together, like hot dogs and buns?

Which concept measures the value of the next best alternative?

Thinking at the margin involves weighing costs and benefits of what?

Which economy is centered on government planning and control?

In a mixed economy, who answers basic economic questions?

Public goods are characterized by non-rivalry and non-excludability. True or false?

The free rider problem occurs when people do what with a good?

Which concept describes a government protection of inventions through patents?