Economics Quiz

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- February 03, 2025

Economics Quiz Game

Economics Quiz

1. What is opportunity cost?

The cost of producing goods
The value of the next best alternative
The total cost of production
The cost of raw materials

2. What does GDP stand for?

Gross Domestic Product
General Domestic Production
Gross Development Plan
General Demand Principle

3. Which of these is a characteristic of perfect competition?

Few sellers
Product differentiation
Many buyers and sellers
High barriers to entry

4. What is inflation?

Increase in interest rates
Decrease in money supply
Reduction in taxes
General increase in price levels

5. What does the law of supply state?

As price decreases, quantity demanded increases
As price increases, quantity supplied increases
Supply creates its own demand
Supply equals demand

6. Which of these is a fiscal policy tool?

Interest rates
Money supply
Government spending
Reserve requirements

7. What is a monopoly?

Single seller in a market
Many sellers with similar products
Government-controlled market
International trade agreement

8. What is comparative advantage?

Absolute superiority in production
Lower production costs through technology
Advantage in resource allocation
Lower opportunity cost in producing goods

9. What is elastic demand?

Quantity demanded doesn't change with price
Quantity demanded changes significantly with price
Demand for essential goods
Fixed demand curve

10. What is a negative externality?

Internal company cost
Government regulation
Cost borne by third parties
Positive spillover effect

Economics Quiz

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Economics Quiz

Economics Quiz

1. What is opportunity cost?

2. What does GDP stand for?

3. Which of these is a characteristic of perfect competition?

4. What is inflation?

5. What does the law of supply state?

6. Which of these is a fiscal policy tool?

7. What is a monopoly?

8. What is comparative advantage?

9. What is elastic demand?

10. What is a negative externality?

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