MC quiz for Economics Issues
Economics Issues Quiz
Test your knowledge of key economic concepts with our Economics Issues Quiz! This engaging quiz covers fundamental topics such as scarcity, macroeconomics, and globalization.
Join us to explore:
- Key economic terms
- Understanding of macro vs microeconomics
- Global economic trends
1. The most fundamental economic problem is:
A) Security
B) Monetary Policy
C) Opportunity Cost
D) Scarcity
2. Which of the following is a macroeconomic topic?
A) Why lawyers earn more than receptionists
B) The reasons for the rise in government spending
C) Whether the individual should spend more or save more
D) The reasons for a rise in the price of orange juice
3. In economics, normative statements are about:
A) Macroeconomics, not microeconomics
B) The way things are
C) The way things ought to be
D) Microeconomics, not macroeconomics
4. In broad terms, the difference between microeconomics and macroeconomics is that:
A) They use different sets of tools and ideas.
B) Microeconomics studies the effects of government taxes on the national unemployment rate.
C) Macroeconomics studies the effects of government regulation and taxes on the price of individual goods and services whereas microeconomics does not.
D) Microeconomics studies decisions of individual people and firms and macroeconomics studies the entire national economy.
5. Scarcity requires that people must
A) Donate
B) Cooperate
C) Make choices
D) Trade
6. The trend away from distinct national economic units and toward one huge global market is known as
A) Localization
B) Economic integration
C) Globalization
D) Privatization
7. Which of the following is not an example of a global institution?
A) Central Intelligence Agency
B) The International Monetary Fund
C) The World Bank
D) The World Trade Organization
8. Coca-Cola, Sony Playstations, and McDonald’s hamburgers are all examples of
A) American products
B) Global products
C) Industrial products
D) Japanese products
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