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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 | 621 |
| Average score | 70.0% |
| Rating | 4.40 | Report this quiz | Report |
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1. As the demand goes up, competition goes?
No correlation between the two
stays the same
up
down
2. Which of these is not a major question of economics
What should I make?
How should I make it?
Who should I make it for?
Why should I make it?
3. As the price goes up, quantity demanded goes?
Up
Nor correlation between the two
No change
Down
4. What is it called when supply and demand are equal
equilibrium
Profit
Point of peak
balanced equation
5. What is equal to revenue minus cost?
price
quantity
profit
marginal return
6. What happens to consumer spending if there is a tax cut?
Goes up
Goes up
Won't change
None of the above
7. What is GDP?
All of the above
Average productivity per worker
Average income per worker
Goods and services produced in a year
8. There is a general rise in prices and the value of money goes down. What is this phenomenon called?
Deflation
Trough
Inflation
None of the above
9. What type of model is it when there are infinite producers?
Command market
Pure market
Oligopoly
Monopolistic Competition
10. What is a monopoly?
Few producers of a product
One producer of a product controlling the price
Infinite producers of a product
One producer making many products
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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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