Economics Basics Quiz

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10 Questions

What is the main focus of positive economics?

Which type of economy involves individual producers and consumers making decisions?

What is the main characteristic of a Command Economy?

What is the term for the study of marginal decisions?

What does the principle of 'opportunity cost' refer to?

In economics, what do incentives aim to do?

What principle states that markets usually lead to efficiency?

'Reciprocal relationship between costs and benefits' implies that:

'Gains from Trade' concept emphasizes that:

What is the main role of the Invisible Hand principle in economics?

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Test your knowledge on basic concepts in economics such as social science, positive economics, normative economics, economy, and market economy.

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