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Economics Trivia
Answer all questions to the best of your ability!
2.5 minutes
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Last updated: March 28, 2020
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| First submitted | March 27, 2020 |
| Times taken | 627 |
| Average score | 70.0% |
| Rating | 4.40 | Report this quiz | Report |
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1. As the demand goes up, competition goes?
stays the same
No correlation between the two
down
up
2. Which of these is not a major question of economics
How should I make it?
Why should I make it?
Who should I make it for?
What should I make?
3. As the price goes up, quantity demanded goes?
Up
Nor correlation between the two
Down
No change
4. What is it called when supply and demand are equal
balanced equation
Point of peak
equilibrium
Profit
5. What is equal to revenue minus cost?
profit
price
marginal return
quantity
6. What happens to consumer spending if there is a tax cut?
None of the above
Goes up
Won't change
Goes up
7. What is GDP?
All of the above
Goods and services produced in a year
Average productivity per worker
Average income per worker
8. There is a general rise in prices and the value of money goes down. What is this phenomenon called?
Trough
Deflation
None of the above
Inflation
9. What type of model is it when there are infinite producers?
Pure market
Oligopoly
Monopolistic Competition
Command market
10. What is a monopoly?
One producer making many products
Few producers of a product
One producer of a product controlling the price
Infinite producers of a product
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2 Comments
Cyan
+4
Level 71
Nov 10, 2020
Fix #6
Pienteremile
+1
Level 65
Aug 31, 2025
I don't agree with the first question. Competition considers the supply side.
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