Economy Trivia Quiz - Free Society Quiz with Answers

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Looking to test your knowledge of economics? Take our online economy trivia quiz to challenge yourself and see how well you know this subject. Our economy quiz covers various topics related to economics, such as micro and macroeconomics, supply and demand, inflation, and more. Test your understanding of economic concepts and theories, including the principles of capitalism and socialism, the law of diminishing returns, and the role of government in the economy. You can also expect to see questions about influential economists, such as Adam Smith, John Maynard Keynes, and Milton Friedman. So, if you're interested in testing your knowledge of the economy, take our online economy trivia quiz today and see how well you do!

Question 1:

Which economic system is characterized by the collective ownership of the means of production and the absence of social classes?

A) Capitalism

B) Socialism

C) Communism

D) Feudalism

1 b

Question 2:

What economic theory, developed by Adam Smith, advocates for minimal government intervention in markets and individual freedom?

A) Keynesian economics

B) Marxist economics

C) Classical economics

D) Mercantilism

1 b

Question 3:

Which economist is known for his influential work "The Wealth of Nations" and the concept of the "invisible hand"?

A) Adam Smith

B) John Maynard Keynes

C) Karl Marx

D) Milton Friedman

1 b

Question 4:

What economic theory, developed by John Maynard Keynes, argues that government intervention is necessary to stabilize economies during recessions?

A) Keynesian economics

B) Marxist economics

C) Classical economics

D) Austrian economics

1 b

Question 5:

Which economic system is characterized by private ownership of the means of production and the pursuit of profit?

A) Capitalism

B) Socialism

C) Communism

D) Feudalism

1 b

Question 6:

Who wrote "The Communist Manifesto" and "Das Kapital," which laid the foundation for modern socialism and communism?

A) Adam Smith

B) John Maynard Keynes

C) Karl Marx

D) Milton Friedman

1 b

Question 7:

What term refers to an economic system in which economic decisions and prices are determined by supply and demand?

A) Market economy

B) Command economy

C) Mixed economy

D) Traditional economy

1 b

Question 8:

In which economic system do the government or central authority make all major decisions regarding production and distribution?

A) Market economy

B) Command economy

C) Mixed economy

D) Traditional economy

1 b

Question 9:

What is the economic concept that explains how resources are allocated to maximize the well-being of society?

A) Pareto efficiency

B) Consumer surplus

C) Gross domestic product

D) Comparative advantage

1 b

Question 10:

What economic principle states that countries should specialize in producing goods they can produce more efficiently than others?

A) Law of supply

B) Law of demand

C) Comparative advantage

D) Opportunity cost

1 b

Question 11:

Which economist is known for his work on monetarism and the importance of controlling the money supply to stabilize inflation?

A) Adam Smith

B) John Maynard Keynes

C) Karl Marx

D) Milton Friedman

1 b

Question 12:

What is the term for a situation in which the allocation of goods and services is not efficient, resulting in market failures?

A) Market equilibrium

B) Market distortion

C) Market disequilibrium

D) Market inefficiency

1 b

Question 13:

Which economic theory advocates for free markets, limited government intervention, and individual liberty?

A) Austrian economics

B) Keynesian economics

C) Marxist economics

D) Classical economics

1 b

Question 14:

In economics, what term refers to the cost of forgoing the next best alternative when making a decision?

A) Opportunity cost

B) Marginal cost

C) Fixed cost

D) Variable cost

1 b

Question 15:

What is the term for an economic policy that emphasizes the importance of exports and discourages imports to strengthen a nation's economy?

A) Mercantilism

B) Protectionism

C) Free trade

D) Globalization

1 b