Economics Trivia Quiz - Free Society Quiz with Answers

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Are you a fan of economics? Test your knowledge with our Economics trivia quiz! This online quiz will put your understanding of basic economic concepts to the test. Questions include everything from supply and demand to the principles of macroeconomics. Challenge yourself and your friends to see who knows more about the world of economics. Take our Economics quiz today and find out how much you really know about this fascinating field. With a range of multiple choice questions, our Economics trivia quiz is perfect for beginners and experts alike. Whether you're studying economics or just looking to have some fun, our online quiz is the perfect way to test your knowledge.

Question 1:

What is the term for an economic system in which resources are allocated through the interaction of supply and demand?

A) Market economy

B) Command economy

C) Mixed economy

D) Traditional economy

1 b

Question 2:

Who is considered the father of modern economics, known for his work "An Inquiry into the Nature and Causes of the Wealth of Nations"?

A) Adam Smith

B) John Maynard Keynes

C) Karl Marx

D) David Ricardo

1 b

Question 3:

What term refers to the study of how society allocates its scarce resources to satisfy unlimited human wants and needs?

A) Economics

B) Psychology

C) Sociology

D) Political Science

1 b

Question 4:

Which economic concept refers to the additional cost of producing one more unit of a good or service?

A) Marginal cost

B) Fixed cost

C) Variable cost

D) Opportunity cost

1 b

Question 5:

What is the term for the benefit or satisfaction gained from the use of a good or service?

A) Utility

B) Wealth

C) Income

D) Consumption

1 b

Question 6:

What economic principle states that people will make choices that give them the greatest satisfaction, given their available resources?

A) Rational choice theory

B) Law of diminishing returns

C) Law of demand

D) Law of supply

1 b

Question 7:

Which economic theory emphasizes the importance of government intervention to achieve full employment and price stability?

A) Keynesian economics

B) Classical economics

C) Monetarism

D) Austrian School

1 b

Question 8:

Which economic model represents the flow of resources, goods, and services through the economy?

A) Circular flow model

B) Production possibilities frontier

C) Demand and supply model

D) Aggregate demand and aggregate supply model

1 b

Question 9:

What term refers to the total amount of goods and services that all firms in an economy are willing to produce at different price levels?

A) Aggregate supply

B) Aggregate demand

C) National income

D) Gross domestic product

1 b

Question 10:

What is the term for a period of economic decline marked by a significant decrease in output, employment, and income?

A) Recession

B) Expansion

C) Inflation

D) Deflation

1 b

Question 11:

Which economic concept represents the best alternative forgone when making a choice or decision?

A) Opportunity cost

B) Sunk cost

C) Fixed cost

D) Variable cost

1 b

Question 12:

What type of good is non-excludable and non-rival in consumption, leading to market failure if left to the private sector?

A) Public good

B) Private good

C) Common resource

D) Club good

1 b

Question 13:

What is the term for the government's use of spending and taxation to influence the economy?

A) Fiscal policy

B) Monetary policy

C) Trade policy

D) Industrial policy

1 b

Question 14:

What is the term for the central bank's use of interest rates and other tools to control the money supply and achieve macroeconomic goals?

A) Monetary policy

B) Fiscal policy

C) Trade policy

D) Industrial policy

1 b

Question 15:

Which economic concept is defined as the change in total output resulting from a one-unit increase in an input, holding all other inputs constant?

A) Marginal product

B) Average product

C) Total product

D) Marginal cost

1 b