Fundamentals of Economic Concepts in Business Quiz
Explore fundamental economic concepts with our Microeconomics quiz. Test your understanding of GDP, opportunity cost, supply and demand, and more!
#1
Which of the following is a basic economic concept?
Inflation
Photosynthesis
Gravity
Evaporation
#2
What does GDP stand for?
Gross Domestic Product
Gross Demand Position
General Distribution Process
Group Decision Protocol
#3
What is the economic term for the condition where resources are limited in comparison to the wants and needs they are supposed to fulfill?
Scarcity
Abundance
Surplus
Excess
#4
Which economic concept refers to the amount of a good or service that consumers are willing and able to purchase at a given price?
Demand
Supply
Equilibrium
Scarcity
#5
Which economic concept refers to the study of how individuals and societies allocate resources for production?
Demand and Supply
Microeconomics
Macroeconomics
Opportunity Cost
#6
What is the term used to describe the additional cost incurred by producing one more unit of a good or service?
Fixed Cost
Marginal Cost
Variable Cost
Total Cost
#7
What does the term 'opportunity cost' refer to in economics?
The cost of an opportunity
The highest-valued alternative that must be sacrificed to choose an option
The cost of production
The cost of goods and services
#8
Which economic concept refers to the total market value of all final goods and services produced within a country in a given period?
Net Worth
Gross Domestic Product (GDP)
Gross National Product (GNP)
National Income
#9
Which of the following is NOT a factor of production in economics?
Land
Capital
Technology
Labor
#10
Which economic concept refers to a sustained increase in the general price level of goods and services in an economy over a period of time?
Deflation
Stagflation
Inflation
Recession
#11
Which economic concept refers to the total value of all goods and services produced within a country's borders in a specific time period?
National Debt
Consumer Price Index
Gross National Product
Gross Domestic Product
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