Basic Concepts of Economics and Commerce Quiz

Test your knowledge with 6 questions on scarcity, GDP, demand, supply, opportunity cost, tariffs, and more in economics and commerce.

What is scarcity in economics?

When a resource is abundant and freely available

When there is an imbalance between limited resources and unlimited wants

When demand exceeds supply

When supply exceeds demand

To act as a medium of exchange

To store value

To measure value

To regulate government spending

Gross Domestic Product

Gross Domestic Price

Global Development Progress

Government Department Policy

As the price of a good increases, the quantity demanded increases

As the price of a good increases, the quantity demanded decreases

As the price of a good decreases, the quantity demanded increases

As the price of a good decreases, the quantity demanded decreases

Microeconomics studies individual markets, while macroeconomics studies the economy as a whole

Microeconomics studies the economy as a whole, while macroeconomics studies individual markets

There is no difference, they both study the same concepts

Microeconomics focuses on production, while macroeconomics focuses on consumption

Nominal GDP is adjusted for inflation, while real GDP is not adjusted for inflation.

Nominal GDP is not adjusted for inflation, while real GDP is adjusted for inflation.

Nominal GDP accounts for changes in population, while real GDP does not account for changes in population.

There is no difference between nominal GDP and real GDP.