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Economics Trivia

Answer all questions to the best of your ability!
2.5 minutes
Quiz by abalaji
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Last updated: March 28, 2020
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First submittedMarch 27, 2020
Times taken398
Average score80.0%
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1. As the demand goes up, competition goes?
up ✓
down ✓
stays the same ✓
No correlation between the two ✓
2. Which of these is not a major question of economics
How should I make it? ✓
Who should I make it for? ✓
What should I make? ✓
Why should I make it? ✓
3. As the price goes up, quantity demanded goes?
Nor correlation between the two ✓
Up ✓
Down ✓
No change ✓
4. What is it called when supply and demand are equal
balanced equation ✓
Point of peak ✓
Profit ✓
equilibrium ✓
5. What is equal to revenue minus cost?
price ✓
profit ✓
quantity ✓
marginal return ✓
6. What happens to consumer spending if there is a tax cut?
Goes up ✓
None of the above ✓
Goes up ✓
Won't change ✓
7. What is GDP?
All of the above ✓
Goods and services produced in a year ✓
Average productivity per worker ✓
Average income per worker ✓
8. There is a general rise in prices and the value of money goes down. What is this phenomenon called?
Inflation ✓
Trough ✓
None of the above ✓
Deflation ✓
9. What type of model is it when there are infinite producers?
Command market ✓
Pure market ✓
Monopolistic Competition ✓
Oligopoly ✓
10. What is a monopoly?
Infinite producers of a product ✓
Few producers of a product ✓
One producer of a product controlling the price ✓
One producer making many products ✓
1 Comments
Cyan
+4
Level 71
Nov 10, 2020
Fix #6
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