Basic Economy Trivia Quiz - Free Society Quiz with Answers

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Looking for a fun and educational way to test your knowledge of basic economy concepts? Check out our Basic Economy trivia quiz! Our quiz is designed to challenge your understanding of basic economic principles such as supply and demand, market structures, and consumer behavior. Whether you're a student studying economics or simply interested in learning more about how the economy works, our quiz is the perfect way to put your knowledge to the test. So why wait? Take our Basic Economy trivia quiz today and see how much you really know about the world of economics!

Question 1:

What is the term for the limited resources available to satisfy unlimited human wants and needs?

A) Scarcity

B) Wealth

C) Demand

D) Supply

1 b

Question 2:

Which branch of economics studies the behavior of individual households and firms in making decisions?

A) Macroeconomics

B) Microeconomics

C) Behavioral economics

D) Development economics

1 b

Question 3:

What is the term for a graphical representation of the relationship between the price of a good and the quantity demanded?

A) Demand curve

B) Supply curve

C) Production possibilities curve

D) Indifference curve

1 b

Question 4:

Which law in economics states that the quantity demanded of a good decreases as its price increases, all else remaining constant?

A) Law of demand

B) Law of supply

C) Law of diminishing returns

D) Law of comparative advantage

1 b

Question 5:

What is the term for a situation where the quantity demanded of a good is equal to the quantity supplied?

A) Market equilibrium

B) Market surplus

C) Market shortage

D) Market inefficiency

1 b

Question 6:

What is the term for a good whose demand decreases when consumer income increases?

A) Inferior good

B) Normal good

C) Giffen good

D) Veblen good

1 b

Question 7:

What is the term for the responsiveness of the quantity demanded of a good to a change in its price?

A) Price elasticity of demand

B) Price elasticity of supply

C) Income elasticity of demand

D) Cross-price elasticity of demand

1 b

Question 8:

Which economic concept represents the additional satisfaction a consumer gains from consuming one more unit of a good?

A) Marginal utility

B) Total utility

C) Consumer surplus

D) Producer surplus

1 b

Question 9:

Which principle states that as the production of a good increases, the opportunity cost of producing an additional unit rises?

A) Law of increasing opportunity cost

B) Law of diminishing returns

C) Law of demand

D) Law of supply

1 b

Question 10:

What is the term for a good whose demand increases as consumer income increases?

A) Inferior good

B) Normal good

C) Giffen good

D) Veblen good

1 b

Question 11:

What is the term for the total value of all final goods and services produced within a country in a given time period?

A) Gross domestic product

B) Gross national product

C) Consumer price index

D) Nominal GDP

1 b

Question 12:

Which type of unemployment is caused by the natural turnover in the labor market, such as people changing jobs?

A) Frictional unemployment

B) Structural unemployment

C) Cyclical unemployment

D) Seasonal unemployment

1 b

Question 13:

What is the term for a sustained increase in the general level of prices for goods and services in an economy?

A) Inflation

B) Deflation

C) Stagflation

D) Hyperinflation

1 b

Question 14:

What is the term for a situation in which the economy is experiencing both high inflation and high unemployment?

A) Stagflation

B) Deflation

C) Hyperinflation

D) Recession

1 b

Question 15:

What type of economic system combines elements of market and command economies, with both private and public ownership?

A) Mixed economy

B) Market economy

C) Command economy

D) Traditional economy

1 b