Economics
Explore the World of Economics
Test your knowledge of economic concepts with our comprehensive quiz! Whether you're a student, a teacher, or just someone interested in economics, this quiz covers a wide range of topics to challenge your understanding.
- 63 thought-provoking questions
- Multiple choice format
- Instant feedback on your answers
Demand is the desire ,_____, and willingness to buy a product or service
Affordability
Ability
Happiness
Want
Prices act as motivating influence, or _____ , that causes an individual to take action
Incentive
Action
Trade-off
Push
The law of demand states that the quantity demand of a product varies ____ with its price
Directly
Scarcitly
Inversely
Proportionally
The market demand curve shows that _______ by everyone who is interested in purchasing a product at all possible prices
Substitution effect
Quantity demanded
Price demanded
Incentive demanded
As people use more of a product they encounter __________?
Diminishing marginal utility
Marginal utility
Demand utility
Diminishing demand utility
A demand schedule is best described as_____?
Incentive
Timeline
Data
Graph
When the price of something increases, the quantity demand _______?
Doesn’t change
Increases
Decreases
Reverses
Consider the term marginal utility. Which word is the best synonym for marginal?
Additional
Satisfactory
Borderline
Useful
Why is demand curve downward sloping?
Because the quantity demanded decreases as the price increases
Because the quantity demanded increases as the price decreases
Because the supply demand curve is decreasing
Because it just is
Why is the law of demand called a “law”?
Because the government said it is
Because there are no expectations to it
Because it is an economic term
Because it has been demonstrated repeatedly
Which of these result from the repeal of an items subsides?
An increase on reliance upon government regulation
A decrease in the price of that item
A leftward shift of the items supply curve
A rightward shift of the items supply curve
Which of these names are the way in which producers regard taxes?
As part of its cost production
As an entry in their supply schedule
Investment in technology
Encouragement to productivity
Which of these best describes the influence of high prices on the behavior of the producers ?
They are an incentive for producers to buy less
They have no significant overall effect on producer behavior
They are an incentive for producers to produce more
They encourage producers to modify their supply schedules
______ refers to the amount of a product offered for sale at all possible prices in a market
Demand
Change in quantity supplied
Supply
Change in quantity demanded
Quantity supplied increases when the price ____
Increases
Decreases
Remains constant
Hmm idk
Movement along the supply curve measures a change in _____ supplied?
Price
Quantity
Quality
Production
A(n)_____ is a payment to an individual, business , or other group to encourage or protect a certain type of economic activity
Taxes
Finances
Subsidy
Loans
Which of these is true of BOTH an individual supply curve and market supply curve ?
A change in quantity supplied takes place only when there is a change in demand
A change in quantity supplied takes place only when there is a change in price
A change in quantity supplied takes place only when the price remains constant
A change in quantity supplied takes place when a change in demand is projected
Which of these is best description of a normal supply curve?
It’s slope is mostly horizontal with occasional vertical fluctuations
It’s slope goes up when the diagram is read from right to left
It’s slope goes up when the diagram is read from left to right
It’s slope is completely horizontal
A graph that shows the quantities supplied at each and every possible price in the ______ is called a supply curve
Society
Industry
Market
Firm
Prices for common vegetables tend to be elastic. why?
Because consumers must eat
Because other vegetables are available
Because vegetables cannot be substituted
Because vegetables are inexpensive
Which term refers to a change in price that causes a proportional change in total revenue
Elastic
Inelastic
Unit elastic
Total expenditure
An economist performers a total expenditure test and finds that a change in price and a change in revenue move in opposite directions and concludes that the test shows
Demand is elastic
Demand is inelastic
Demand is unit elastic
There’s not enough demand stupid
For which product is demand most likely to be the most elastic?
A product with no substitutes
A product with inadequate substitutes
It is impossible to tell
A product with adequate substitutes
To determine elasticity, which question would an economist ask?
Is the product highly valued by the consumer?
Do I look like an economist? -.-
What portion of the consumers income is required for the purchase?
Are there complementary products that the consumer would have to buy?
What is the main cause of a change in quantity demanded?
Substitution
Change in price
Change in revenue
The income effect
A change in quantity demanded is represented by
Complements
A movement along the demand curve
A movement along the supply curve
Substitution
Which of the following replaces a costly item with a less costly one?
Income effect
Cheap effect
Substitution effect
Consumer taste
Which is likely a complement to a tablet computer ?
Movie tickets
Pencils
DVDs
Apps
What is the relationship between a change in income and demand ?
An increase in income increases demand
A decrease in income increases demand
An increase in price increases income
A decrease in price decreases income
Which statement describes why the people in a nation with a command economy might resist a shift to a free market economy?
Factory and business owners are reluctant to place their capital under worker authority.
People who hold political power are threatened by fundamental changes.
Workers are reluctant to accept complete government control of their economy
Workers are reluctant to give up their participation in a classless society.
Which country is an example of a capitalist country
Singapore
Cuba
Venezuela
North korea
8. What is the main difference between Japanese capitalism and capitalism in the United States?
Japan’s government is highly involved in day-to-day business management.
Japan's government regulates private firms to keep competition at a minimum.
Japan has a more dedicated and loyal workforce.
Japan does not permit the sale of corporate stock.
What conclusion can be drawn about capitalism from South Korea’s economic growth in the late 20th century?
There is no real difference between socialism and capitalism
Socialism can revive an economy over a prolonged period of time.
Capitalism can restore a damaged economy.
A transition from capitalism to a command economy can involve struggle.
Which of these statements apply to present-day Sweden?
Its unemployment rate and GDP per capita are relatively low.
Its unemployment rate and GDP per capita are relatively high.
Its taxation and unemployment rates are relatively low.
Its GDP per capita and welfare payout rates are both relatively low.
A change in quantity demanded is represented by _
Movement along the demand curve.
A shift of the demand curve.
Substitution
Complements
Labor in a factory is an example of which of these?
A marginal product
A diminishing return
A fixed factor of production
A variable factor of production
In the short run, the amount of capital available for manufacturing is an example of which of these?
a variable factor of production
a fixed factor of production
A diminishing return
A marginal product
Which of these can be illustrated with a production function?
The effect of consumer demand on total input
The effect of factory reorganization on total input
The effect of an increase in work hours on total output
The effect of capital and wage adjustments on total output
Which of these could a firm accomplish during a short-run production period?
Relocation of factories
Hiring and firing of workers
Purchase and development of land
Development of new manufacturing technology
When is a firm’s rate of hiring likely to be highest?
During a phase of negative marginal returns
During a phase of uncertain marginal returns
During a phase of increasing marginal returns
During a phase of decreasing marginal returns
Demand elasticity is the extent to which a change in price causes a change in the quantity demanded
True
False
Demand is elastic when a given change in price causes a relatively smaller change in quantity demanded
True
False
Demand is unit elastic when a given change in price causes a proportional change in quantity demanded
True
False
To estimate elasticity, add the direction of a price change to the direction of the change in total revenue, or total expenditures
True
False
The sole determinate of elasticity is the answer to this question: can the purchase be delayed?
True
False
The stages of production measure the effects of workforce size on marginal product
True
False
A producer’s “marginal product” and “total product” are generally the same amount.
True
False
5. Changes to variable and fixed input are easiest during a long-run production period
True
False
The third stage of production is distinguished by an increase in output
True
False
True
False
The stages of production are distinguished by their marginal products
True
False
Products that are related in such a way an increase in the price of one increases the price for the other is ?
Substitutes
Complements
Income effect
Change in demand
Different amounts demanded at every price causing the demand curve to shift to the left or to the right is ?
Change in quantity demanded
Change in demand
Complements
Income effect
Products related in such a way an increase in the price of one reduces the demand for the other
Income effect
Substitution
Complement
Change in demand
Movement along the demand curve showing that a different quantity is purchased in response to a change in price
Income effect
Substitution
Change in quantity demanded
Change in demand
Portions of a change in quantity demanded caused by a change in a consumers income when the price of a product changes
Substitution
Income effect
Complement
Change in demand
__central planning authority in the former Soviet Union
Gosplan
GDP per capita
Keirestu
Perestroika
__gross domestic product on a per person basis
Solidarity
Perestroika
GDP per capita
Gosplan
__independent Polish labor union founded in 1980 by Lech Walesa
Gosplan
Solidarity
Perestroika
Keirestu
__fundamental restructuring of the Soviet economy, introduced by President Mikhail Gorbachev
Gosplan
Solidarity
Perestroika
Keirestu
__independently owned group of Japanese business firms united to regulate competition
Keirestu
Perestroika
GDP per capita
Gosplan
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