Economics Essentials Quiz

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Fundamental econ concepts

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IEEE IEM MTTS

India

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Economics Essentials Quiz


Froggy Jumps Economics Essentials QuizVersion en ligne Fundamental econ concepts par IEEE IEM MTTS 1 What describes the law that as price rises, quantity demanded falls, ceteris paribus? a Law of Supply b Law of Demand c Pareto Principle 2 Which concept measures the cost of forgoing the next best alternative when making a choice? a Marginal Cost b Sunk Cost c Opportunity Cost 3 Elasticity of demand assesses how responsive buyers are to price changes. This is known as: a Price Elasticity of Demand b Income Elasticity c Cross Elasticity 4 GDP stands for what economic measure? a Gross Domestic Product b Net Domestic Product c Gross National Income 5 What happens when a government increases spending or cuts taxes to boost the economy? a Fiscal Policy Expansion b Trade Policy Liberalization c Monetary Policy Tightening 6 What is the primary tool of central banks to manage the money supply? a Minimum Reserve Requirements b Tax Policy c Open Market Operations 7 Inflation occurs when general price levels: a Fall Briefly b Remain Constant c Rise Over Time 8 Which market structure features many buyers and sellers with free entry? a Perfect Competition b Monopoly c Oligopoly 9 A regulation that corrects for negative externalities is often called a: a Tariff b Subsidy c Pigouvian Tax 10 Which term describes cumulative long-term unemployment due to deficient demand? a Gresham's Law b Okun's Law (Recession Gap) c Phillips Curve (Inflation)

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Economics Essentials Quiz

Froggy Jumps

À propos de cette activité

Créé par

Téléchargez la version pour jouer sur papier

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Economics Essentials QuizVersion en ligne

par IEEE IEM MTTS

What describes the law that as price rises, quantity demanded falls, ceteris paribus?

Which concept measures the cost of forgoing the next best alternative when making a choice?

Elasticity of demand assesses how responsive buyers are to price changes. This is known as:

GDP stands for what economic measure?

What happens when a government increases spending or cuts taxes to boost the economy?

What is the primary tool of central banks to manage the money supply?

Inflation occurs when general price levels:

Which market structure features many buyers and sellers with free entry?

A regulation that corrects for negative externalities is often called a:

Which term describes cumulative long-term unemployment due to deficient demand?