Economic Fundamentals and Principles Quiz Test your knowledge on economic principles with questions on competitive markets, GDP, factors of production, inflation, taxes, monetary and fiscal policies, international trade, and more!
#1
Gross Domestic Product
Gross Disposable Profit
Gross Development Principle
General Demand Projection
#2
#3
To control the money supply and interest rates
To regulate government spending and taxation
To regulate international trade
To control inflation and unemployment
#4
As the price increases, the quantity supplied decreases
As the price decreases, the quantity supplied decreases
As the price increases, the quantity supplied increases
As the price decreases, the quantity supplied increases
#5
Few sellers and many buyers
Homogeneous products
Significant barriers to entry
Control over market price by individual firms
#6
As the price increases, the quantity demanded increases
As the price decreases, the quantity demanded decreases
As the price increases, the quantity demanded decreases
As the price decreases, the quantity demanded increases
#7
A decrease in the general price level of goods and services
An increase in the general price level of goods and services
A decrease in the quantity of money in circulation
An increase in the purchasing power of money
#8
Fiscal policy implementation
Regulating international trade
Conducting monetary policy
Setting tax rates
#9
Income tax
Sales tax
Property tax
Corporate tax
#10
The cost of producing one additional unit of a good
The cost of the next best alternative forgone
The total cost of production
The cost of inputs used in production
#11
Change in quantity demanded divided by change in price
Change in price divided by change in quantity demanded
Percentage change in quantity demanded divided by percentage change in price
Percentage change in price divided by percentage change in quantity demanded
#12
Nominal GDP is adjusted for inflation, while real GDP is not
Real GDP is adjusted for inflation, while nominal GDP is not
Nominal GDP includes only tangible goods, while real GDP includes intangible goods
Real GDP includes government spending, while nominal GDP does not
#13
Monetary policy involves government spending, while fiscal policy involves interest rates
Monetary policy involves changes in the money supply, while fiscal policy involves government spending and taxation
Monetary policy is used during recessions, while fiscal policy is used during inflation
Fiscal policy is controlled by central banks, while monetary policy is controlled by governments
#14
Countries should produce goods for which they have the lowest opportunity cost
Countries should produce goods for which they have the highest opportunity cost
Countries should produce goods for which they have the highest absolute advantage
Countries should produce goods for which they have the lowest absolute advantage
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