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Economics introduction

Quiz by SAIRA MOHAMED SHERIF

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16 questions
Show answers
  • Q1
    What is the basic economic problem that arises from the fact that resources are limited while wants are unlimited?
    Surplus
    Scarcity
    Abundance
    Consumption
    30s
  • Q2
    What term describes the cost of the next best alternative foregone when making a decision?
    Fixed cost
    Sunk cost
    Opportunity cost
    Marginal cost
    30s
  • Q3
    What is the measure of the total value of all goods and services produced within a country's borders in a specific time period?
    Net National Product (NNP)
    Gross National Product (GNP)
    Gross Domestic Product (GDP)
    Consumer Price Index (CPI)
    30s
  • Q4
    What is the term for a situation where the quantity demanded of a good exceeds the quantity supplied at a specific price?
    Equilibrium
    Surplus
    Scarcity
    Shortage
    30s
  • Q5
    Which economic concept describes a situation where any change in price leads to a larger change in the quantity demanded or supplied?
    Scarcity
    Inelasticity
    Elasticity
    Market equilibrium
    30s
  • Q6
    What is the fundamental problem addressed by economics?
    Unemployment rates
    Government policies
    Scarcity and allocation of resources
    Inflation levels
    30s
  • Q7
    Which of the following is considered a factor of production?
    Inflation
    Money
    Technology
    Labor
    30s
  • Q8
    What is a market economy?
    An economy where decisions are made based on supply and demand
    An economy without any competition
    An economy based on barter and trade
    An economy controlled entirely by the government
    30s
  • Q9
    What is the primary purpose of taxation in an economy?
    To decrease employment
    To raise revenue for government spending
    To increase profitability of businesses
    To control inflation
    30s
  • Q10
    What does the law of demand state?
    Higher prices lead to increased supply
    As the price of a good decreases, the quantity demanded increases
    As income increases, demand for inferior goods increases
    Supply and demand are always equal
    30s
  • Q11
    What is an example of a non-renewable resource?
    Water
    Wind
    Solar
    Oil
    30s
  • Q12
    What does GDP stand for in economics?
    Gross Domestic Product
    General Department of Production
    Gross Domestic Policy
    Government Debt Projection
    30s
  • Q13
    What does the law of demand state?
    As the price of a good decreases, the quantity demanded increases.
    Price and quantity demanded are unrelated.
    Quantity demanded is constant regardless of price.
    As the price of a good increases, the quantity demanded decreases.
    30s
  • Q14
    What is a market economy?
    An economy where decisions are made solely by consumers.
    An economic system with no competition.
    An economy controlled entirely by the government.
    An economic system where decisions are made based on supply and demand.
    30s
  • Q15
    What is the concept of comparative advantage?
    The total production capacity of an economy.
    The ability of a party to produce a good at a lower opportunity cost than others.
    The relationship between supply and demand.
    The ability to produce more of a good than another party.
    30s

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