Economics Quiz

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Which of the following is a measure of the national economy's performance?

Black market

Depreciation

Gross domestic product (GDP) (correct)

Price floor

What is the difference between what a nation sells to other countries and what it buys from other countries called?

Depreciation

Consumer price index (CPI)

Net exports (correct)

Price floor

What is the measure of the change in price over time of a specific group of goods and services used by the average household?

GDP price deflator

National income accounting

Producer price index (PPI)

Consumer price index (CPI) (correct)

What is the term for the real goods and services that money can buy?

Purchasing power Signup and view all the answers

Which of the following is NOT considered a factor of production?

Technology Signup and view all the answers

What does the production possibilities curve show?

The maximum combinations of goods and services that can be produced with a fixed amount of resources Signup and view all the answers

What is the opportunity cost?

The value of the next best alternative given up for the alternative that was chosen Signup and view all the answers

Which branch of economic theory deals with the economy as a whole and decision making by large units such as governments?

Macroeconomics Signup and view all the answers

What is the economic concept that deals with consumers' responsiveness to an increase or decrease in price of a product?

Elasticity Signup and view all the answers

What is the law of demand stating?

As price goes up, quantity demanded goes down; as price goes down, quantity demanded goes up. Signup and view all the answers

What is the law of supply stating?

As price goes up, quantity supplied goes up; as price goes down, quantity supplied goes down. Signup and view all the answers

Which of the following is NOT considered a factor of production?

Technology Signup and view all the answers

What is the term for sacrificing one good or service to purchase or produce another?

Trade-off Signup and view all the answers

What is the branch of economic theory that deals with behavior and decision making by small units such as individuals and firms?

Microeconomics Signup and view all the answers

What is the study of how individuals and societies make choices about ways to use scarce resources to fulfill their wants called?

Economics Signup and view all the answers

What is the condition of not being able to have all of the goods and services one wants, because wants exceed what can be made from all available resources at any given time?

Scarcity Signup and view all the answers

What are tangible objects that can satisfy people's wants or needs called?

Goods Signup and view all the answers

What is the amount of output (goods and services) that results from a given level of inputs (land, labor, capital, entrepreneurship) called?

Productivity Signup and view all the answers

What is the value of the next best alternative given up for the alternative that was chosen called?

Opportunity cost Signup and view all the answers

What is the graph showing the maximum combinations of goods and services that can be produced from a fixed amount of resources in a given period of time called?

Production possibilities curve Signup and view all the answers

What is the ability of risk-taking individuals to develop new products and start new businesses in order to make profits called?

Entrepreneurship Signup and view all the answers

Which term refers to the total dollar value of all final goods and services produced in a nation in a single year?

Gross domestic produce (GDP) Signup and view all the answers

What is the term for the loss of value because of wear and tear to durable goods and capital goods?

Depreciation Signup and view all the answers

What is the term for the difference between what the nation sells to other countries and what it buys from other countries?

Net exports Signup and view all the answers

What is the term for the total income earned by everyone in the economy?

National income (NI) Signup and view all the answers

What is the term for the income remaining for people to spend or save after all taxes have been paid?

Disposable personal income (DI) Signup and view all the answers

What is the term for the prolonged rise in the general price level of goods and services?

Inflation Signup and view all the answers

What is the term for the measure of the change in price over time of a specific group of goods and services used by the average household?

Consumer price index (CPI) Signup and view all the answers

What is the term for the sum of all individual parts in the economy?

Aggregates Signup and view all the answers

What is the term for the total quantity of goods and services in the entire economy that all citizens will demand at any single time?

Aggregate demand Signup and view all the answers

What is the law of demand stating?

As price goes up, quantity demanded goes down; as price goes down, quantity demanded goes up. Signup and view all the answers

What is the term for the real goods and services that money can buy?

Supply Signup and view all the answers

What does the production possibilities curve show?

The relationship between inputs and outputs Signup and view all the answers

What is the law of supply stating?

As price goes up, quantity supplied goes up; as price goes down, quantity supplied goes down. Signup and view all the answers

Which branch of economic theory deals with the economy as a whole and decision making by large units such as governments?

Macroeconomics Signup and view all the answers

What is the economic concept that deals with consumers' responsiveness to an increase or decrease in price of a product?

Price elasticity Signup and view all the answers

What is the difference between what a nation sells to other countries and what it buys from other countries called?

Balance of trade Signup and view all the answers

Which of the following is NOT considered a factor of production?

Demand Signup and view all the answers

Which of the following is a measure of the national economy's performance?

Gross Domestic Product (GDP) Signup and view all the answers

What is the opportunity cost?

The cost of not producing a good or service Signup and view all the answers

What is the measure of the change in price over time of a specific group of goods and services used by the average household?

Consumer Price Index (CPI) Signup and view all the answers

Economics Quiz

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Questions and Answers

Which of the following is a measure of the national economy's performance?

What is the difference between what a nation sells to other countries and what it buys from other countries called?

What is the measure of the change in price over time of a specific group of goods and services used by the average household?

What is the term for the real goods and services that money can buy?

Which of the following is NOT considered a factor of production?

What does the production possibilities curve show?

What is the opportunity cost?

Which branch of economic theory deals with the economy as a whole and decision making by large units such as governments?

What is the economic concept that deals with consumers' responsiveness to an increase or decrease in price of a product?

What is the law of demand stating?

What is the law of supply stating?

Which of the following is NOT considered a factor of production?

What is the term for sacrificing one good or service to purchase or produce another?

What is the branch of economic theory that deals with behavior and decision making by small units such as individuals and firms?

What is the study of how individuals and societies make choices about ways to use scarce resources to fulfill their wants called?

What is the condition of not being able to have all of the goods and services one wants, because wants exceed what can be made from all available resources at any given time?

What are tangible objects that can satisfy people's wants or needs called?

What is the amount of output (goods and services) that results from a given level of inputs (land, labor, capital, entrepreneurship) called?

What is the value of the next best alternative given up for the alternative that was chosen called?

What is the graph showing the maximum combinations of goods and services that can be produced from a fixed amount of resources in a given period of time called?

What is the ability of risk-taking individuals to develop new products and start new businesses in order to make profits called?

Which term refers to the total dollar value of all final goods and services produced in a nation in a single year?

What is the term for the loss of value because of wear and tear to durable goods and capital goods?

What is the term for the difference between what the nation sells to other countries and what it buys from other countries?

What is the term for the total income earned by everyone in the economy?

What is the term for the income remaining for people to spend or save after all taxes have been paid?

What is the term for the prolonged rise in the general price level of goods and services?

What is the term for the measure of the change in price over time of a specific group of goods and services used by the average household?

What is the term for the sum of all individual parts in the economy?

What is the term for the total quantity of goods and services in the entire economy that all citizens will demand at any single time?

What is the law of demand stating?

What is the term for the real goods and services that money can buy?

What does the production possibilities curve show?

What is the law of supply stating?

Which branch of economic theory deals with the economy as a whole and decision making by large units such as governments?

What is the economic concept that deals with consumers' responsiveness to an increase or decrease in price of a product?

What is the difference between what a nation sells to other countries and what it buys from other countries called?

Which of the following is NOT considered a factor of production?

Which of the following is a measure of the national economy's performance?

What is the opportunity cost?

What is the measure of the change in price over time of a specific group of goods and services used by the average household?

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