Economics mcq

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Economics Practice Questions

Question 1 [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
When a lot of people want an item, but there is not enough for everyone (think about toilet paper and Clorox wipes), we call this .....
A
supply
B
opportunity cost
C
scarcity
D
profit
Question 2 [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
northeast, southeast, northwest, southwest
A
intermediate directions
B
cardinal directions
Question 3 [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
The Organization of Petroleum Exporting Countries (OPEC) was created to
A
control the supply and price of oil
B
improve transportation in developing nations
C
promote the production of high-quality fossil fuels.
D
limit the access of nations to solar power
Question 4 [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
A ..... is a service worker.
A
teacher
B
nurse
C
librarian
D
all of the above
Question 5 [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
The best price for a product or service is where the supply and demand lines intersect or meet.
A
True
B
False
Question 6 [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Generally speaking, the more socialist a country is the higher the taxes will be.
A
True
B
False
Question 7 [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Federal, State, and Local governments all collect different types of taxes, including, income, sales, and ..... taxes.
A
Operational
B
Property
C
Ceremonial
D
Festive
Question 8 [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Government planning groups make the basic economic decisions in this type of economy
A
Command
B
Market
C
Traditional
D
Mixed
Question 9 [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
A tariff is when a ..... is put on an imported good.....
A
Tax
B
Limit
C
Block
D
Quota
Question 10 [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Human Capital
A
Health, Education, and Training of a nation's work force
B
Health, Education, Death rate of a nation's work force
C
Health, Education, and Life Expectancy of a nations work force
D
Health, Education, and gaming ability of a nation's workforce
Question 11 [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
If the goal of the firm is to maximise profit, quantity supplied at a high price will be
A
More
B
Less
Question 12 [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
WHEN TP FALLS, MP IS
A
POSITIVE
B
ZERO
C
NEGATIVE
D
NON OF ABOVE
Question 13 [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
A "general decrease in the level of prices."
A
inflation
B
deflation
C
supply
D
demand
Question 14 [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
What is the key difference between perfect competition and monopolistic competition?
A
Sellers Offering Different Products
B
Sellers Offering Identical Products
C
One Isn't Competitive, One Is Competitive
D
There Is No Difference
Question 15 [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
A financial intuition that is owned and operated by members to provide savings accounts and low interest loans is a
A
Savings and loan
B
Credit union
C
Commercial bank
D
Savings bank
There are 15 questions to complete.

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