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Economics Trivia

Quiz by Whitney Weinapple

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9 questions
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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

  • Q2

    Inflation means a decrease in the overall level of prices in the economy 

    True or False
  • 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

  • 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

  • Q5

    You can have an absolute advantage in 

    neither good

    both, neither, or one good

    both goods

    one good

  • 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 

  • Q7

    When the price of apples falls from $3 to $2, 

    Demand decreases 

    Quantity demanded decreases

    Quantity demanded increases

    Demand increases

  • 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

  • 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 


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