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Economics Trivia
Answer all questions to the best of your ability!
2.5 minutes
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Last updated: March 28, 2020
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| First submitted | March 27, 2020 |
| Times taken | 402 |
| Average score | 80.0% | Report this quiz | Report |
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1.
As the demand goes up, competition goes?
up
✓
stays the same
✓
down
✓
No correlation between the two
✓
2.
Which of these is not a major question of economics
What should I make?
✓
Who should I make it for?
✓
Why should I make it?
✓
How should I make it?
✓
3.
As the price goes up, quantity demanded goes?
No change
✓
Down
✓
Up
✓
Nor correlation between the two
✓
4.
What is it called when supply and demand are equal
balanced equation
✓
Profit
✓
Point of peak
✓
equilibrium
✓
5.
What is equal to revenue minus cost?
quantity
✓
marginal return
✓
price
✓
profit
✓
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?
Average income per worker
✓
Average productivity per worker
✓
Goods and services produced in a year
✓
All of the above
✓
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?
Oligopoly
✓
Monopolistic Competition
✓
Pure market
✓
Command market
✓
10.
What is a monopoly?
One producer of a product controlling the price
✓
Infinite producers of a product
✓
Few producers of a product
✓
One producer making many products
✓
1 Comments
Cyan
+4
Level 71
Nov 10, 2020
Fix #6
New and Popular
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