Economics Trivia
Quiz by Whitney Weinapple
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- Q1
Scarcity is defined as
the limited nature of society's resources
the value of the next best alternative
the study of how society manages it's resources
60s - Q2
Inflation means a decrease in the overall level of prices in the economy
falsetrueTrue or False60s - Q3
What are the four factors of production?
labor, capital, natural resources, and technological knowledge
labor, subsidies, loans, and interest rates
labor, leisure, capital, and technology
capital, labor, population, and transaction costs
60s - Q4
There is a change in technological knowledge that affects the production of both apples and oranges making it easier for firms to produce them, the PPF will
shift inward
shift outward
rotate outward
rotate inward
60s - Q5
You can have an absolute advantage in
neither good
both, neither, or one good
both goods
one good
60s - Q6
The producer that makes the good at a lower opportunity cost, has a in that good.
comparative advantage
risk aversion
absolute advantage
higher elasticity
60s - Q7
When the price of apples falls from $3 to $2,
Demand decreases
Quantity demanded decreases
Quantity demanded increases
Demand increases
60s - Q8
What is a substitute when referring to a 'related good'?
a good that can be paired with another
a perfectly identical good
a good that can be used in place of another
a property right
60s - Q9
What is a complement when referring to a 'related good'?
a good that can be used in place of another
a public good
a common good
products which are bought and used together
60s