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Key Economic Concepts Quiz
Key Economic Concepts · Supply & Demand Quiz
20 questions · Unlimited attempts · Free online practice
Economics helps us understand how people, businesses, and governments make choices when resources are limited. By learning key economic concepts, you can better understand prices,...
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All 20 questions in this Key Economic Concepts quiz
-
What is 'National Debt'?
- A. Debt of a company
- B. Total money a government owes
- C. Bank debt
- D. Personal debt
-
Which economist proposed the theory of 'Comparative Advantage'?
- A. Adam Smith
- B. Thomas Malthus
- C. David Ricardo
- D. Karl Marx
-
What is 'Interest'?
- A. Total profit
- B. A type of tax
- C. The price of borrowing money
- D. A government gift
-
Which sector includes services like banking and tourism?
- A. Tertiary
- B. Secondary
- C. Primary
- D. Quaternary
-
What is deficit?
- A. Surplus
- B. Profit
- C. Shortfall
- D. Balance
-
What is 'Bankruptcy'?
- A. Opening a shop
- B. Legal state of being unable to pay debts
- C. Becoming rich
- D. A bank merger
-
What is a 'Merger'?
- A. Closing a business
- B. Opening a branch
- C. Selling shares
- D. Combining two companies
-
What is 'Forecast'?
- A. Past data
- B. Tax bill
- C. Old news
- D. Prediction of future trends
-
What is 'Socialism'?
- A. Collective/Public ownership
- B. Monarchy
- C. Private ownership
- D. Anarchy
-
What is 'Value Added'?
- A. Extra cost
- B. Increase in value at each production stage
- C. Tax
- D. Profit
-
What is 'Barter'?
- A. Exchanging goods without money
- B. A bank
- C. A type of tax
- D. Using money
-
Which market has many sellers?
- A. Monopoly
- B. Duopoly
- C. Perfect competition
- D. Oligopoly
-
What is a 'Command Economy'?
- A. Traditional
- B. Barter based
- C. Market driven
- D. Government driven
-
What is 'Bond'?
- A. Cash
- B. A loan to a firm or government
- C. A tax
- D. Ownership in a firm
-
What is money used for?
- A. Tax
- B. Exchange
- C. Decoration
- D. Storage
-
What is 'Parity'?
- A. Inequality
- B. Equality in value/status
- C. Inflation
- D. High price
-
What is 'Stock'?
- A. Ownership in a corporation
- B. A tax
- C. A loan
- D. A bond
-
What is 'Protectionism'?
- A. Protecting the environment
- B. Guarding the central bank
- C. Restricting imports to protect domestic industries
- D. Encouraging free trade
-
What is a 'Sunk Cost'?
- A. Variable cost
- B. A discount
- C. Future cost
- D. A cost that cannot be recovered
-
What is 'Capital' in economics?
- A. Money only
- B. Human population
- C. The capital city
- D. Tools/Machinery used in production