Test Your Economics Knowledge
Test Your Economics Knowledge
Welcome to the ultimate economics quiz that will challenge your understanding of fundamental economic concepts! Whether you’re a student, aspiring entrepreneur, or simply curious about how the economy works, this quiz is designed for you.
Key Features:
- 10 thought-provoking multiple choice questions
- Learn while you play
- Instant feedback on your answers
Which of the following is NOT a reason to study economics?
To learn a way of thinking
To be an informed voter
To understand society and global affairs
To learn how to make lots of money
Economics is:
The study of how consumers spend their income
The study of how business firms decide what inputs to hire and what outputs to produce
The study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided
The study of how the federal government allocates tax dollars
A large increase in the number of fast-food restaurants in a community is most likely to result in:
Lower prices and higher quality
Lower prices and lower quality
Higher prices and higher quality
Don't know
A person who starts a business to produce a new product in the marketplace is known as:
Manager
Inventor
Bureaucrat
Entrepreneur
An increase from 5% to 8% in the interest rates charged by banks would most likely encourage
Businesses to invest
People to save money
People to purchase housing
None of the above
For most people, the largest portion of their personal income comes from
Wages and salaries from their jobs
Interest from stocks and bonds they own
Rent paid to them from property they own
None of the above
If the price of beef doubled and the price of chicken stayed the same, people would most likely buy
More beef and less chicken
More chicken and less beef
The same amount of beef and chicken
None. They would turn vegan
The manufacturers of Mijo sportswear have their manufacturing plants running night and day (after night prayers), but they are unable to produce enough sportswear to satisfy demand. If Mijo sportswear manufacturers cannot increase production, and demand continues to increase, the price of Mijo sportswear will:
Increase
Decrease
Stay the same
None of the above
Which one of the following statements about the function of money is wrong?
Money makes it easier to save
Money makes trading goods and services easier
Money holds its value well in times of inflation
All are correct
The basic problem of economics is
Shortages
Lack of choice
Scarcity
Overabundance of resources
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