Economy and Economics Trivia Quiz - Free Society Quiz with Answers

Report a mistake in the quiz

If you would like to tell us that you find a mistake, feel free to let us know :)

Looking for an engaging quiz that will test your knowledge of the economy and economics? Look no further than our Economy and Economics Trivia Quiz! Featuring questions on everything from supply and demand to macroeconomics, this quiz is the perfect way to challenge yourself and learn more about the complex world of economics. Sample question: What is the difference between microeconomics and macroeconomics? Find out by taking our quiz today and see how well you fare against your friends and colleagues. Play now and put your economics knowledge to the test!

Question 1:

Which branch of economics deals with the behavior of individual households, firms, and industries and the allocation of scarce resources among them?

A) Macroeconomics

B) Microeconomics

C) Econometrics

D) Behavioral economics

1 b

Question 2:

What economic term refers to the price at which the quantity of a good or service demanded equals the quantity supplied?

A) Equilibrium price

B) Market price

C) Normal price

D) Reservation price

1 b

Question 3:

Which economic model illustrates the trade-off between producing two goods using a fixed amount of resources?

A) Production possibilities frontier

B) Circular flow model

C) Demand and supply model

D) Aggregate demand and aggregate supply model

1 b

Question 4:

What is the term for a situation in which a market fails to allocate resources efficiently, resulting in over- or underproduction?

A) Market failure

B) Market equilibrium

C) Market efficiency

D) Market saturation

1 b

Question 5:

What economic concept refers to the responsiveness of demand or supply to changes in price or income?

A) Elasticity

B) Cross-price elasticity

C) Income elasticity

D) Price discrimination

1 b

Question 6:

Which type of unemployment occurs when workers are between jobs or searching for their first job?

A) Frictional unemployment

B) Structural unemployment

C) Cyclical unemployment

D) Seasonal unemployment

1 b

Question 7:

What term refers to 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 8:

Which economic term describes the maximum amount that an economy can produce given its available resources and technology?

A) Production capacity

B) Aggregate supply

C) Potential output

D) Gross domestic product

1 b

Question 9:

What economic term refers to the total market value of all final goods and services produced within a country in a given period?

A) Gross domestic product

B) Gross national product

C) National income

D) Disposable income

1 b

Question 10:

Which type of tax system imposes a higher tax rate on higher-income individuals than on lower-income individuals?

A) Progressive tax

B) Regressive tax

C) Proportional tax

D) Flat tax

1 b

Question 11:

Which economic indicator measures the average change in prices that urban consumers pay for a basket of goods and services over time?

A) Consumer Price Index

B) Producer Price Index

C) Gross Domestic Product Deflator

D) Retail Price Index

1 b

Question 12:

What term refers to the difference between a country's total exports and total imports of goods and services?

A) Trade balance

B) Current account balance

C) Capital account balance

D) Fiscal balance

1 b

Question 13:

Which economic concept states that the total utility a person receives from consuming a good will decrease as more units are consumed?

A) Law of diminishing marginal utility

B) Law of diminishing returns

C) Law of demand

D) Law of supply

1 b

Question 14:

What economic term refers to the cost of an economic decision that cannot be recovered, regardless of future choices?

A) Sunk cost

B) Opportunity cost

C) Fixed cost

D) Variable cost

1 b

Question 15:

Which type of economic system combines elements of both market and command economies, featuring some degree of government intervention?

A) Mixed economy

B) Market economy

C) Command economy

D) Traditional economy

1 b