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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?
No correlation between the two
down
stays the same
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?
Down
Up
No change
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
profit
marginal return
price
6. What happens to consumer spending if there is a tax cut?
Won't change
Goes up
Goes up
None of the above
7. What is GDP?
All of the above
Average income per worker
Goods and services produced in a year
Average productivity per worker
8. There is a general rise in prices and the value of money goes down. What is this phenomenon called?
Inflation
Trough
None of the above
Deflation
9. What type of model is it when there are infinite producers?
Oligopoly
Monopolistic Competition
Command market
Pure market
10. What is a monopoly?
One producer of a product controlling the price
One producer making many products
Few producers of a product
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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