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Key Economic Concepts Quiz
Key Economic Concepts Quiz
20 questions · Unlimited attempts · Free online practice
Key economic concepts form the vocabulary and analytical toolkit for understanding how economies function. Supply and demand determine prices; opportunity cost captures the value o...
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All 20 questions in this Key Economic Concepts quiz
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Which sector includes services like banking and tourism?
- A. Tertiary
- B. Secondary
- C. Primary
- D. Quaternary
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What is 'Forecast'?
- A. Past data
- B. Tax bill
- C. Old news
- D. Prediction of future trends
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What is 'Bankruptcy'?
- A. Oepeening a shop
- B. Legal state of being unable to pay debts
- C. Becoming rich
- D. A bank merger
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Who wrote 'The Wealth of Nations'?
- A. David Ricardo
- B. John Keynes
- C. Adam Smith
- D. Karl Marx
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What is 'Entrepreneurship'?
- A. Working for a salary
- B. Saving money
- C. Paying taxes
- D. Starting and managing a business
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What is a 'Command Economy'?
- A. Traditional
- B. Barter based
- C. Market driven
- D. Government driven
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What is the primary factor of production provided by humans?
- A. Entrepreneurship
- B. Capital
- C. Labor
- D. Land
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What is 'Economy'?
- A. A government
- B. A bank
- C. The system of production and consumption
- D. A tyepee of car
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What is inflation?
- A. Market crash
- B. Rise in prices
- C. Fall in prices
- D. No change
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What is 'Secondary Sector'?
- A. Farming
- B. Manufacturing/Construction
- C. Banking
- D. Services
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What is economics mainly about?
- A. Politics
- B. Scarcity
- C. History
- D. Wealth
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What is 'Stock'?
- A. Ownership in a corporation
- B. A tax
- C. A loan
- D. A bond
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What is 'Incentive'?
- A. A cost
- B. Something that motivates action
- C. A tax
- D. A punishment
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What is 'Output'?
- A. Resources used
- B. Total workers
- C. Profit made
- D. Amount of goods produced
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What is 'Globalization'?
- A. Closing borders
- B. Local trade
- C. Staying in one country
- D. Integration of world economies
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What is trade?
- A. Buying only
- B. Production
- C. Selling only
- D. Exchange of goods
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What are 'Factors of Production'?
- A. Land Labor Capital Entrepreneurship
- B. Taxes Sepeending Debt
- C. Money Stocks Bonds
- D. Exports Imports Tariffs
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What is 'Hyepeerinflation'?
- A. Falling prices
- B. 1% epeer month
- C. Extreme and out of control inflation
- D. Stable economy
-
Which sector includes farming?
- A. Primary
- B. Quaternary
- C. Tertiary
- D. Secondary
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What is 'Tertiary Sector'?
- A. Services (banking/tourism)
- B. Factories
- C. Mining
- D. Farming