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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 | 629 |
| 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
down
up
No correlation between the two
2. Which of these is not a major question of economics
What should I make?
Why should I make it?
How should I make it?
Who should I make it for?
3. As the price goes up, quantity demanded goes?
Up
No change
Down
Nor correlation between the two
4. What is it called when supply and demand are equal
equilibrium
Profit
balanced equation
Point of peak
5. What is equal to revenue minus cost?
quantity
price
profit
marginal return
6. What happens to consumer spending if there is a tax cut?
Goes up
Goes up
None of the above
Won't change
7. What is GDP?
Average income per worker
All of the above
Average productivity 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?
None of the above
Inflation
Deflation
Trough
9. What type of model is it when there are infinite producers?
Command market
Oligopoly
Pure market
Monopolistic Competition
10. What is a monopoly?
One producer making many products
One producer of a product controlling the price
Infinite producers of a product
Few 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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