Economic Essentials Quiz

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Trade-offs and markets

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marsya ramadani

Indonesia

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Froggy Jumps Economic Essentials QuizVersión en línea Trade-offs and markets por marsya ramadani 1 What does the law of demand state about price and quantity demanded when income and prices of other goods are constant? a Price changes do not affect quantity demanded b As price falls, quantity demanded rises c As price falls, quantity demanded falls 2 Which policy instrument lowers unemployment by boosting aggregate demand through government spending? a Monetary policy via reserve ratios b Contractionary fiscal policy c Expansionary fiscal policy 3 If the price of a good rises, but demand remains unchanged, what happens to total revenue? a It always decreases b It may increase or decrease depending on elasticity c It always increases 4 What is GDP used to measure in an economy? a Average income per household b Total value of all final goods and services produced c Total government spending 5 What characterizes demand elasticity? a Measured responsiveness of quantity demanded to price changes b Measured responsiveness of price to quantity changes c Only affects supply, not demand 6 Which term describes the benefit forgone when choosing one option over another? a Marginal cost b Sunk cost c Opportunity cost 7 Which type of unemployment occurs during a downturn when demand for goods falls? a Frictional unemployment b Cyclical unemployment c Structural unemployment 8 What is inflation? a A decrease in money supply only b A sustained rise in the general price level c A fall in the price of goods 9 Which monetary policy tool primarily lowers interest rates to stimulate the economy? a Raising taxes b Increasing government spending only c Lowering the policy interest rate 10 What does comparative advantage explain in trade? a Why countries benefit by specializing in what they do best b Why prices rise with demand c Why all countries import everything

Froggy Jumps

Economic Essentials QuizVersión en línea

Trade-offs and markets

por marsya ramadani

What does the law of demand state about price and quantity demanded when income and prices of other goods are constant?

Price changes do not affect quantity demanded

As price falls, quantity demanded rises

As price falls, quantity demanded falls

Which policy instrument lowers unemployment by boosting aggregate demand through government spending?

Monetary policy via reserve ratios

Contractionary fiscal policy

Expansionary fiscal policy

If the price of a good rises, but demand remains unchanged, what happens to total revenue?

It always decreases

It may increase or decrease depending on elasticity

It always increases

What is GDP used to measure in an economy?

Average income per household

Total value of all final goods and services produced

Total government spending

What characterizes demand elasticity?

Measured responsiveness of quantity demanded to price changes

Measured responsiveness of price to quantity changes

Only affects supply, not demand

Which term describes the benefit forgone when choosing one option over another?

Marginal cost

Sunk cost

Opportunity cost

Which type of unemployment occurs during a downturn when demand for goods falls?

Frictional unemployment

Cyclical unemployment

Structural unemployment

What is inflation?

A decrease in money supply only

A sustained rise in the general price level

A fall in the price of goods

Which monetary policy tool primarily lowers interest rates to stimulate the economy?

Raising taxes

Increasing government spending only

Lowering the policy interest rate

What does comparative advantage explain in trade?

Why countries benefit by specializing in what they do best

Why prices rise with demand

Why all countries import everything

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Economic Essentials Quiz

Froggy Jumps

Sobre esta actividad

Creada por

Descarga la versión para jugar en papel

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Froggy Jumps

Economic Essentials QuizVersión en línea

por marsya ramadani

What does the law of demand state about price and quantity demanded when income and prices of other goods are constant?

Which policy instrument lowers unemployment by boosting aggregate demand through government spending?

If the price of a good rises, but demand remains unchanged, what happens to total revenue?

What is GDP used to measure in an economy?

What characterizes demand elasticity?

Which term describes the benefit forgone when choosing one option over another?

Which type of unemployment occurs during a downturn when demand for goods falls?

What is inflation?

Which monetary policy tool primarily lowers interest rates to stimulate the economy?

What does comparative advantage explain in trade?

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