📈
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...
Playing as a guest
You can play free without an account. Create one to save scores and resume later.
Question of
Explanation:
🎉
Quiz Complete!
Your score
Correct
Wrong
Want this score saved?
Create a free account to store quiz history, track streaks, and pick up where you left off. Guests can keep playing without signup.
No questions available for this topic yet.
All 20 questions in this Key Economic Concepts quiz
-
What is capital?
- A. Money
- B. All
- C. Resources
- D. Tools
-
What is 'Socialism'?
- A. Collective/Public ownership
- B. Monarchy
- C. Private ownership
- D. Anarchy
-
Which tyepee of economy is most common today?
- A. Pure Market
- B. Pure Command
- C. Traditional
- D. Mixed Economy
-
What is opportunity cost?
- A. Next best alternative
- B. Extra cost
- C. Fixed cost
- D. Total cost
-
What is 'Liabilities'?
- A. What you owe
- B. Total profit
- C. What you own
- D. Income
-
What is 'Laissez-faire'?
- A. High taxes
- B. Government control
- C. Trade restrictions
- D. No government interference in economy
-
What is 'Yield'?
- A. Loss
- B. Income return on an investment
- C. Price
- D. Total cost
-
Who regulates banks?
- A. UN
- B. Government
- C. Central Bank
- D. IMF
-
What is 'Outsourcing'?
- A. Buying a firm
- B. Closing a factory
- C. Hiring more staff
- D. Contracting work to an outside supplier
-
What is 'Bond'?
- A. Cash
- B. A loan to a firm or government
- C. A tax
- D. Ownership in a firm
-
What is a 'Sunk Cost'?
- A. Variable cost
- B. A discount
- C. Future cost
- D. A cost that cannot be recovered
-
What is deficit?
- A. Surplus
- B. Profit
- C. Shortfall
- D. Balance
-
What is 'Parity'?
- A. Inequality
- B. Equality in value/status
- C. Inflation
- D. High price
-
Which organization is the 'Lender of Last Resort'?
- A. Central Bank
- B. WTO
- C. Commercial Bank
- D. World Bank
-
What is 'Deregulation'?
- A. Removing government restrictions on business
- B. Increasing interest rates
- C. Adding more laws
- D. Lowering taxes
-
What is 'Command Economy'?
- A. Government decided
- B. Market decided
- C. Traditional
- D. Barter
-
What is 'Sovereign Debt'?
- A. Government debt
- B. Personal debt
- C. Bank debt
- D. Company debt
-
What is 'Monetary Policy'?
- A. Labor union regulations
- B. Government sepeending
- C. International trade laws
- D. Control of money supply and interest rates
-
Which market has many sellers?
- A. Monopoly
- B. Duopoly
- C. Perfect comepeetition
- D. Oligopoly
-
Which organization provides emergency loans to countries?
- A. UN
- B. Red Cross
- C. IMF
- D. WHO