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Economics

Quiz by Glenda Candido

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10 questions
Show answers
  • Q1
    What is the definition of opportunity cost?
    The loss of potential gain from other alternatives when one alternative is chosen
    The total cost of a decision including all expenses
    The expenses incurred from running a business
    The financial cost of a product or service
    30s
  • Q2
    What does GDP stand for in economics?
    Gross Domestic Product
    Generalized Development Policy
    Global Demand Priority
    Gross Domestic Profit
    30s
  • Q3
    What is inflation?
    The measure of a country's economic stability
    The decrease in the value of currency
    The total amount of money in circulation
    The rate at which the general level of prices for goods and services is rising
    30s
  • Q4
    What is a market economy?
    A system based solely on barter and trade
    An economic system where supply and demand dictate production and pricing
    An economy where the government controls all resources
    An economy where prices are fixed by the state
    30s
  • Q5
    What is a monopoly?
    A competitive market with many sellers
    A market structure where a single seller controls the entire market supply
    A situation where all firms are making a loss
    A type of government regulation on business
    30s
  • Q6
    What is the primary goal of fiscal policy?
    To control the money supply in the economy
    To influence economic activity through government spending and taxation
    To set interest rates for loans and mortgages
    To regulate foreign trade policies
    30s
  • Q7
    What is the law of supply?
    Suppliers will sell any quantity at any price
    As the price of a good increases, the quantity supplied also increases
    As the price of a good decreases, the quantity supplied decreases
    Prices will always reflect consumer demand exactly
    30s
  • Q8
    What is a budget deficit?
    When expenditures exceed revenue
    When total revenue equals total expenditure
    When revenue exceeds expenditures
    A balanced budget scenario
    30s
  • Q9
    What is a tariff?
    A subsidy provided to local farmers
    A tax imposed on imported goods
    A regulation that sets safety standards for products
    An agreement between countries to eliminate trade barriers
    30s
  • Q10
    What is comparative advantage?
    A market condition where supply equals demand
    The trade-off between two goods
    The ability of an individual or group to carry out a particular economic activity more efficiently than another activity
    The absolute ability to produce more of a good than another producer
    30s

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