Economics Quick Quiz Rush

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25 topics, rapid-fire econ questions

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Olivia Quigley

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Economics Quick Quiz Rush


Froggy Jumps Economics Quick Quiz RushVersión en línea 25 topics, rapid-fire econ questions por Olivia Quigley 1 What is Profit in business terms? a Total revenue divided by total costs b Total revenue minus total costs c Costs minus revenue 2 What is Revenue? a Net profit after taxes b Money a business earns from selling goods/services c Money spent on operations 3 What is Cost in economics? a Time spent without returns b Expenditure to produce goods or services c Money earned from sales 4 What are Fixed Costs? a Costs that rise with output b Costs that only occur once c Costs that do not change with output 5 What are Variable Costs? a Fixed costs only b Costs that change with output level c Costs independent of production 6 What are Sunk Costs? a Costs that cannot be recovered b Costs recovered upon sale c Future anticipated costs 7 Law of Supply and Demand states? a Demand always equals supply at all prices b Prices stay fixed regardless of market c Prices adjust to balance supply and demand 8 What does Elastic demand mean? a Quantity does not respond to price b Price and quantity move together with no change c Quantity responds a lot to price changes 9 What does Inelastic demand mean? a Quantity changes little with price changes b No relationship between price and demand c Quantity changes a lot with price 10 What is Equilibrium price? a Price where quantity supplied equals quantity demanded b Highest price in market c Price where demand is zero 11 What is a Surplus? a More supply than demand at a given price b More demand than supply c Price above equilibrium only 12 What is a Shortage? a Prices cannot be above equilibrium b More demand than supply at a given price c More supply than demand 13 Complementary Goods are? a Goods often used together b Goods with unrelated uses c Goods that substitute each other 14 Substitute Goods are? a Goods that can replace each other b Goods that must be bought together c Goods with identical prices 15 Inferior Goods are? a Demand falls as income falls b Demand rises when income falls c Always luxury goods 16 Buyer Surplus is? a Benefit sellers get from selling higher than cost b Benefit buyers get from paying less than they are willing to pay c Tax revenue collected from buyers 17 Seller Surplus is? a Benefit sellers get from receiving above minimum acceptable price b Profit margin only in perfect competition c Government subsidy to sellers 18 Externalities are? a Costs/benefits not reflected in prices b Always shown in market prices c Only negative effects of production 19 Sole Proprietorship is? a A business owned by the government b A business owned and run by one person c A company owned by many shareholders 20 Partnership is? a A corporation with many shareholders b A business owned by two or more partners c A sole owner business 21 LLC stands for? a Limited Labor Contract b Large Legal Corporation c Limited Liability Company 22 Corporation is? a A sole proprietorship b A legal entity owned by shareholders c A non-profit only 23 Public Goods are? a Excludable and rivalrous goods b Private services only c Non-excludable and non-rivalrous goods 24 Private Goods are? a Public services only b Excludable and rivalrous goods c Non-excludable and non-rivalrous 25 What does Equilibrium price show? a Only consumers benefit b Balance between quantity supplied and demanded c Only producers benefit 26 What is a Shortage vs Surplus difference? a Both mean excess price b Shortage means demand exceeds supply; surplus opposite c No difference in market theory 27 What is a Complementary Good example? a PB&J sandwich ingredients b Car and airplane ticket c Notebook and pencil 28 What is a Substitute Good example? a Bread and butter b Tea and coffee c Milk and water

Economics Quick Quiz Rush

Froggy Jumps

Sobre esta actividad

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Economics Quick Quiz RushVersión en línea

por Olivia Quigley

What is Profit in business terms?

What is Revenue?

What is Cost in economics?

What are Fixed Costs?

What are Variable Costs?

What are Sunk Costs?

Law of Supply and Demand states?

What does Elastic demand mean?

What does Inelastic demand mean?

What is Equilibrium price?

What is a Surplus?

What is a Shortage?

Complementary Goods are?

Substitute Goods are?

Inferior Goods are?

Buyer Surplus is?

Seller Surplus is?

Externalities are?

Sole Proprietorship is?

Partnership is?

LLC stands for?

Corporation is?

Public Goods are?

Private Goods are?

What does Equilibrium price show?

What is a Shortage vs Surplus difference?

What is a Complementary Good example?

What is a Substitute Good example?