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Quiz by SAIRA MOHAMED SHERIF

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22 questions
Show answers
  • Q1
    In economics, what is the term used to describe a situation in which the quantity demanded for a good is equal to the quantity supplied?
    Shortage
    Surplus
    Scarcity
    Equilibrium
    30s
  • Q2
    What is the economic concept that measures the responsiveness of quantity demanded to a change in price?
    Price elasticity of demand
    Cross elasticity of demand
    Income elasticity of demand
    Price elasticity of supply
    30s
  • Q3
    What type of market structure is characterized by a large number of firms selling similar but differentiated products?
    Monopolistic competition
    Perfect competition
    Oligopoly
    Monopoly
    30s
  • Q4
    What economic term refers to the total value of all final goods and services produced within a country's borders in a specific period, usually a year?
    Consumer Price Index (CPI)
    Aggregate Demand (AD)
    Human Development Index (HDI)
    Gross Domestic Product (GDP)
    30s
  • Q5
    In economics, what does GDP stand for?
    Global Distribution Process
    Gross Domestic Profit
    Gross Domestic Product
    Government Development Program
    30s
  • Q6
    What is the basic economic problem that arises from the combination of scarce resources and unlimited wants?
    Profit
    Solvency
    Inflation
    Scarcity
    30s
  • Q7
    What is the law of demand in economics?
    There is no relationship between price and quantity demanded.
    The quantity demanded remains constant regardless of price changes.
    As the price of a good or service increases, the quantity demanded increases, and vice versa.
    As the price of a good or service decreases, the quantity demanded increases, and vice versa, all other factors being equal.
    30s
  • Q8
    What is the difference between microeconomics and macroeconomics?
    Microeconomics and macroeconomics are the same and can be used interchangeably.
    Microeconomics focuses on individual economic agents such as households and firms, while macroeconomics examines the economy as a whole, including factors like inflation, unemployment, and economic growth.
    Microeconomics only studies consumer behavior, while macroeconomics only studies government policies.
    Microeconomics focuses on international trade, while macroeconomics focuses on domestic production.
    30s
  • Q9
    What is the law of supply in economics?
    As the price of a good or service decreases, the quantity supplied increases, and vice versa.
    As the price of a good or service increases, the quantity supplied by producers increases, and vice versa, all other factors being equal.
    There is no relationship between price and quantity supplied.
    The quantity supplied remains constant regardless of price changes.
    30s
  • Q10
    What is the concept of elasticity of demand in economics?
    Elasticity of demand measures the responsiveness of the quantity demanded of a good to changes in its price.
    Elasticity of demand measures the total demand for a good in the market.
    Elasticity of demand refers to the availability of substitute goods for a product.
    Elasticity of demand indicates the level of consumer income in relation to price changes.
    30s
  • Q11
    What is a public good in economics?
    A public good is a good that is both excludable and rivalrous in consumption.
    A public good is a good that is only available to a select group of individuals.
    A public good is a good provided by the government but can be excluded based on individual preferences.
    A public good is a type of good that is non-excludable and non-rivalrous, meaning that individuals cannot be excluded from its benefits and one person's consumption does not reduce its availability to others.
    30s
  • Q12
    Which of the following is a key characteristic of a perfectly competitive market?
    Monopoly control
    Government intervention
    Many buyers and sellers
    High barriers to entry
    30s
  • Q13
    What does the term 'GDP' stand for in economics?
    Government Development Policy
    Gross Domestic Product
    General Demand Price
    Global Distribution Process
    30s
  • Q14
    What is the concept of 'monopoly' in economics?
    A market where the government controls all production and distribution
    A market with many buyers and sellers but with differentiated products
    A situation where there are no barriers to entry for new firms in an industry
    A market structure in which a single seller dominates the entire market for a particular good or service
    30s
  • Q15
    What is the study of how individuals, businesses, governments, and societies make choices about allocating scarce resources to satisfy their unlimited wants?
    Accounting
    Marketing
    Sociology
    Economics
    30s

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