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Key Economic Concepts Quiz
Key Economic Concepts · Trade 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
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What is 'Zero-sum'?
- A. No one wins
- B. Lose-lose
- C. One person's gain is another's loss
- D. Win-win
-
What is 'Labor Union'?
- A. A government department
- B. A bank
- C. Organization of workers to protect rights
- D. A group of managers
-
Which organization regulates trade?
- A. UN
- B. WTO
- C. IMF
- D. World Bank
-
What is 'Black Market'?
- A. Grocery store
- B. Stock market
- C. Farmer's market
- D. Illegal market
-
Which economist proposed the theory of 'Comparative Advantage'?
- A. Adam Smith
- B. Thomas Malthus
- C. David Ricardo
- D. Karl Marx
-
What is 'Monetary Policy'?
- A. Labor union regulations
- B. Government spending
- C. International trade laws
- D. Control of money supply and interest rates
-
What is 'Audit'?
- A. Official inspection of accounts
- B. Spending money
- C. Paying tax
- D. A loan
-
Which organization regulates international trade?
- A. World Bank
- B. UNICEF
- C. WTO
- D. IMF
-
What is 'Mercan'tilism'?
- A. A tax system
- B. Theory that wealth is increased by exports
- C. Local trade
- D. Free trade
-
Which is a factor of production?
- A. Land
- B. Tax
- C. Trade
- D. Money
-
What is 'Zero-sum game'?
- A. Everyone loses
- B. Everyone wins
- C. One's gain is another's loss
- D. No one plays
-
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 'Comparative Advantage'?
- A. Having more land
- B. Producing everything
- C. Producing at lower opportunity cost
- D. Having more money
-
What is the 'World Bank' primarily concerned with?
- A. Currency exchange
- B. Short term loans
- C. Regulating trade
- D. Development and poverty reduction
-
What is trade?
- A. Buying only
- B. Production
- C. Selling only
- D. Exchange of goods
-
What is 'Externalities'?
- A. Foreign debt
- B. Exports
- C. Side effects of production/consumption on third parties
- D. Outside trade
-
What is 'Globalization'?
- A. Closing borders
- B. Local trade
- C. Staying in one country
- D. Integration of world economies
-
What is 'Laissez-faire'?
- A. High taxes
- B. Government control
- C. Trade restrictions
- D. No government interference in economy
-
What is money used for?
- A. Tax
- B. Exchange
- C. Decoration
- D. Storage
-
What is 'Consumer Sovereignty'?
- A. International trade power
- B. Producer's power over prices
- C. Government power
- D. Consumer's power to determine what is produced