Economics Essentials Quiz

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Fundamental econ concepts

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IEEE IEM MTTS

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Froggy Jumps Economics Essentials QuizVersión en línea Fundamental econ concepts por IEEE IEM MTTS 1 What describes the law that as price rises, quantity demanded falls, ceteris paribus? a Law of Supply b Law of Demand c Pareto Principle 2 Which concept measures the cost of forgoing the next best alternative when making a choice? a Marginal Cost b Sunk Cost c Opportunity Cost 3 Elasticity of demand assesses how responsive buyers are to price changes. This is known as: a Price Elasticity of Demand b Income Elasticity c Cross Elasticity 4 GDP stands for what economic measure? a Gross Domestic Product b Net Domestic Product c Gross National Income 5 What happens when a government increases spending or cuts taxes to boost the economy? a Fiscal Policy Expansion b Trade Policy Liberalization c Monetary Policy Tightening 6 What is the primary tool of central banks to manage the money supply? a Minimum Reserve Requirements b Tax Policy c Open Market Operations 7 Inflation occurs when general price levels: a Fall Briefly b Remain Constant c Rise Over Time 8 Which market structure features many buyers and sellers with free entry? a Perfect Competition b Monopoly c Oligopoly 9 A regulation that corrects for negative externalities is often called a: a Tariff b Subsidy c Pigouvian Tax 10 Which term describes cumulative long-term unemployment due to deficient demand? a Gresham's Law b Okun's Law (Recession Gap) c Phillips Curve (Inflation)

Froggy Jumps

Economics Essentials QuizVersión en línea

Fundamental econ concepts

por IEEE IEM MTTS

What describes the law that as price rises, quantity demanded falls, ceteris paribus?

Law of Supply

Law of Demand

Pareto Principle

Which concept measures the cost of forgoing the next best alternative when making a choice?

Marginal Cost

Sunk Cost

Opportunity Cost

Elasticity of demand assesses how responsive buyers are to price changes. This is known as:

Price Elasticity of Demand

Income Elasticity

Cross Elasticity

GDP stands for what economic measure?

Gross Domestic Product

Net Domestic Product

Gross National Income

What happens when a government increases spending or cuts taxes to boost the economy?

Fiscal Policy Expansion

Trade Policy Liberalization

Monetary Policy Tightening

What is the primary tool of central banks to manage the money supply?

Minimum Reserve Requirements

Tax Policy

Open Market Operations

Inflation occurs when general price levels:

Fall Briefly

Remain Constant

Rise Over Time

Which market structure features many buyers and sellers with free entry?

Perfect Competition

Monopoly

Oligopoly

A regulation that corrects for negative externalities is often called a:

Tariff

Subsidy

Pigouvian Tax

Which term describes cumulative long-term unemployment due to deficient demand?

Gresham's Law

Okun's Law (Recession Gap)

Phillips Curve (Inflation)

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Economics Essentials Quiz

Froggy Jumps

Sobre esta actividad

Creada por

Descarga la versión para jugar en papel

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Froggy Jumps

Economics Essentials QuizVersión en línea

por IEEE IEM MTTS

What describes the law that as price rises, quantity demanded falls, ceteris paribus?

Which concept measures the cost of forgoing the next best alternative when making a choice?

Elasticity of demand assesses how responsive buyers are to price changes. This is known as:

GDP stands for what economic measure?

What happens when a government increases spending or cuts taxes to boost the economy?

What is the primary tool of central banks to manage the money supply?

Inflation occurs when general price levels:

Which market structure features many buyers and sellers with free entry?

A regulation that corrects for negative externalities is often called a:

Which term describes cumulative long-term unemployment due to deficient demand?

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