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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	423
Average score	80.0%
Rating	4.40
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1. As the demand goes up, competition goes?

No correlation between the two ✓

stays the same ✓

down ✓

up ✓

2. Which of these is not a major question of economics

How should I make it? ✓

What should I make? ✓

Who should I make it for? ✓

Why should I make it? ✓

3. As the price goes up, quantity demanded goes?

Up ✓

Down ✓

No change ✓

Nor correlation between the two ✓

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?

marginal return ✓

profit ✓

quantity ✓

price ✓

6. What happens to consumer spending if there is a tax cut?

None of the above ✓

Goes up ✓

Won't change ✓

7. What is GDP?

Average income per worker ✓

Goods and services produced in a year ✓

All of the above ✓

Average productivity per worker ✓

8. There is a general rise in prices and the value of money goes down. What is this phenomenon called?

Deflation ✓

None of the above ✓

Trough ✓

Inflation ✓

9. What type of model is it when there are infinite producers?

Monopolistic Competition ✓

Pure market ✓

Oligopoly ✓

Command market ✓

10. What is a monopoly?

Few producers of a product ✓

One producer of a product controlling the price ✓

One producer making many products ✓

Infinite producers of a product ✓

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