How much do you know about Economics? Many believe they understand it and believe in myths and/or hearsay. So take my Economics quiz and see if you too can qualify for an economics Nobel Peace Prize! Good luck!
1. As late as the 18th century, standards of living for the average family had changed little since the hunter/gatherer days.
Question 1 of 10
2. Economics is the study of the production, distribution and consumption of scare resources. In Economics, “Scarcity” is:
Question 2 of 10
3. In a free market, exchanges of goods and services occur only when:
Question 3 of 10
4. In economics, consumers and producers express their supply-and-demand preferences through ____________.
Question 4 of 10
5. The total Supply of goods and services can never equal the total Demand for those goods and services because it is human nature to want more.
Question 5 of 10
6. Competition for goods, services, jobs and resources creates inefficient output; therefore standards of living would be higher if competition was discouraged.
Question 6 of 10
7. In Economics, “Opportunity Cost” is:
Question 7 of 10
8. In Economics “Comparative Advantage” suggests that:
Question 8 of 10
9. In Economics, “Wealth” is never created or destroyed, it is just distributed (or redistributed) between individuals, businesses, societies and counties over time.
Question 9 of 10
10. An entrepreneur is an economic agent who combines factors of production (land, the labor, capital etc.) and thus produces a product or service. In a truly free market, entrepreneurs can only earn a profit when:
Question 10 of 10
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