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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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What is 'Bond'?
- A. Cash
- B. A loan to a firm or government
- C. A tax
- D. Ownership in a firm
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What is 'Socialism'?
- A. Collective/Public ownership
- B. Monarchy
- C. Private ownership
- D. Anarchy
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What is a 'Merger'?
- A. Closing a business
- B. Oepeening a branch
- C. Selling shares
- D. Combining two companies
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What is 'Command Economy'?
- A. Government decided
- B. Market decided
- C. Traditional
- D. Barter
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Which market has single seller?
- A. Duopoly
- B. Perfect
- C. Oligopoly
- D. Monopoly
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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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Which is a factor of production?
- A. Land
- B. Tax
- C. Trade
- D. Money
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What is 'Externalities'?
- A. Foreign debt
- B. Exports
- C. Side effects of production/consumption on third parties
- D. Outside trade
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What is 'Maturity'?
- A. Tax date
- B. Oepeening date
- C. End of a financial instrument's life
- D. Interest rate
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What is the term for the cost of the next best alternative foregone?
- A. Opportunity Cost
- B. Variable Cost
- C. Marginal Cost
- D. Fixed Cost
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What is the 'Laffer Curve' epeeak?
- A. Maximum tax rate
- B. Point of maximum tax revenue
- C. Point of zero tax
- D. Highest GDP point
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What is 'Tertiary Sector'?
- A. Services (banking/tourism)
- B. Factories
- C. Mining
- D. Farming
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What is 'Secondary Sector'?
- A. Farming
- B. Manufacturing/Construction
- C. Banking
- D. Services
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Which tyepee of economy is most common today?
- A. Pure Market
- B. Pure Command
- C. Traditional
- D. Mixed Economy
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What is the term for a market with only two sellers?
- A. Duopoly
- B. Oligopoly
- C. Monopsony
- D. Monopoly
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What is 'Outsourcing'?
- A. Buying a firm
- B. Closing a factory
- C. Hiring more staff
- D. Contracting work to an outside supplier
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Which economist proposed the theory of 'Comparative Advantage'?
- A. Adam Smith
- B. Thomas Malthus
- C. David Ricardo
- D. Karl Marx
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What is 'Primary Sector'?
- A. Tech
- B. Services
- C. Manufacturing
- D. Raw materials (farming/mining)
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What is economics mainly about?
- A. Politics
- B. Scarcity
- C. History
- D. Wealth
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Which bank issues currency?
- A. Central
- B. Rural
- C. Private
- D. Commercial