General Economics Trivia Quiz - Free Society Quiz with Answers

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Are you an economics buff? Test your knowledge with our General Economics Trivia Quiz! This online quiz covers a variety of topics related to economics, from supply and demand to GDP and inflation. Challenge yourself and see how well you fare against other economics enthusiasts. Some sample questions include: What is the most commonly used economic system in the world today? What is the formula for calculating GDP? What is the difference between a recession and a depression? Brush up on your economics knowledge and take our General Economics Trivia Quiz today!

Question 1:

What term refers to the study of how individuals, households, and firms make decisions and allocate resources in an economy?

A) Microeconomics

B) Macroeconomics

C) Econometrics

D) Behavioral economics

1 b

Question 2:

In economics, what is the term for the additional satisfaction or utility gained from consuming one more unit of a good or service?

A) Marginal utility

B) Total utility

C) Consumer surplus

D) Producer surplus

1 b

Question 3:

What concept in economics represents the highest valued alternative that must be given up when a choice is made?

A) Opportunity cost

B) Scarcity

C) Trade-off

D) Comparative advantage

1 b

Question 4:

What is the economic principle stating that people will continue to undertake an activity as long as the marginal benefit exceeds the marginal cost?

A) Rational decision-making

B) Law of demand

C) Law of supply

D) Equilibrium

1 b

Question 5:

In the context of the production possibilities frontier, what term refers to the situation where an economy is producing at the maximum possible output?

A) Efficiency

B) Inefficiency

C) Underemployment

D) Unemployment

1 b

Question 6:

What is the term for a market structure characterized by a large number of buyers and sellers, with each firm producing a homogeneous product?

A) Monopoly

B) Oligopoly

C) Monopolistic competition

D) Perfect competition

1 b

Question 7:

According to the law of demand, what is the relationship between the quantity demanded of a good and its price?

A) Directly proportional

B) Inversely proportional

C) Not related

D) Dependent on supply

1 b

Question 8:

Which market structure is characterized by a single firm producing a unique product with no close substitutes and high barriers to entry?

A) Monopoly

B) Oligopoly

C) Monopolistic competition

D) Perfect competition

1 b

Question 9:

What is the term for a situation in which the production or consumption of a good results in benefits or costs to individuals not directly involved?

A) Externality

B) Public good

C) Market failure

D) Common resource

1 b

Question 10:

What economic system features the government controlling the production and distribution of goods and services?

A) Capitalism

B) Socialism

C) Communism

D) Mixed economy

1 b

Question 11:

In economics, what term refers to the responsiveness of the quantity demanded of a good to a change in its price?

A) Price elasticity of demand

B) Income elasticity of demand

C) Cross-price elasticity of demand

D) Price elasticity of supply

1 b

Question 12:

What type of good has an income elasticity of demand greater than 1, meaning that its demand increases as income increases?

A) Normal good

B) Inferior good

C) Giffen good

D) Veblen good

1 b

Question 13:

What term describes a situation where resources are allocated efficiently and it is impossible to make someone better off without making someone else worse off?

A) Pareto efficiency

B) Allocative efficiency

C) Productive efficiency

D) Dynamic efficiency

1 b

Question 14:

In a circular flow model, what are the two main agents that interact in the market for goods and services?

A) Firms and government

B) Households and government

C) Firms and households

D) Firms and foreign sector

1 b