Economic Market Dynamics Quiz
Explore market dynamics with questions on demand, supply, equilibrium, GDP, and more. Test your economic knowledge now!
#1
What is the law of demand in economics?
As prices increase, quantity demanded increases.
As prices increase, quantity demanded decreases.
As prices decrease, quantity demanded increases.
As prices decrease, quantity demanded decreases.
#2
What is a monopoly?
A market structure with many sellers and differentiated products.
A market structure with one seller and many buyers.
A market structure with few sellers and identical products.
A market structure with one buyer and many sellers.
#3
What does GDP stand for in economics?
Gross Domestic Product
Global Demand and Production
Government-Directed Policies
General Demand Projection
#4
What is a subsidy?
A payment made by the government to encourage consumption.
A payment made by consumers to producers.
A payment made by firms to reduce competition.
A payment made by producers to consumers.
#5
What is the law of supply in economics?
As prices increase, quantity supplied decreases.
As prices decrease, quantity supplied decreases.
As prices increase, quantity supplied increases.
As prices decrease, quantity supplied increases.
#6
Which of the following is not a characteristic of a perfectly competitive market?
Many buyers and sellers
Homogeneous products
Barriers to entry
Perfect information
#7
What is price elasticity of demand?
A measure of how responsive quantity demanded is to a change in price.
A measure of how responsive quantity supplied is to a change in price.
A measure of how much consumer income changes in response to a change in price.
A measure of how much a firm's revenue changes in response to a change in price.
#8
What is the formula for calculating total revenue?
Price × Quantity Demanded
Price × Quantity Supplied
Price × Income
Price × Elasticity
#9
What is a cartel?
A single producer dominating the market.
A group of firms colluding to limit competition.
A market with perfect competition.
A market with monopolistic competition.
#10
Which of the following is a measure of income inequality?
Consumer Price Index
Gross Domestic Product
Gini coefficient
Price Elasticity of Demand
#11
What is market equilibrium?
A situation where quantity demanded exceeds quantity supplied.
A situation where quantity supplied exceeds quantity demanded.
A situation where quantity demanded equals quantity supplied.
A situation where price is determined by the government.
#12
What is a perfectly elastic demand curve?
A demand curve that is horizontal.
A demand curve that is vertical.
A demand curve that is upward sloping.
A demand curve that is downward sloping.
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