Econ Basics Quiz
Authored by Nicolle Culey
Business
12th Grade
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40 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the law of demand?
As the price of a good increases, the quantity demanded increases.
As the price of a good increases, the quantity demanded decreases.
As the price of a good decreases, the quantity demanded decreases.
There is no relationship between price and quantity demanded.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a characteristic of a perfectly competitive market?
Many buyers and sellers
Homogeneous products
Barriers to entry
Perfect information
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does GDP stand for?
Gross Domestic Product
General Domestic Product
Gross Development Product
General Development Product
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the basic economic problem?
Unlimited resources and limited wants
Limited resources and unlimited wants
Unlimited resources and unlimited wants
Limited resources and limited wants
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the circular flow model, which sector provides labour to firms?
Government
Households
Financial institutions
Overseas sector
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a market force?
Supply
Demand
Government intervention
Equilibrium
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the equilibrium market price?
The price at which quantity supplied equals quantity demanded
The highest price a consumer is willing to pay
The lowest price a producer is willing to accept
The price at which supply exceeds demand
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