Understanding Economic Basics

Explore key concepts in economics that shape our financial world

tradeeconomicsmarketfinancebusiness

Difficulty:EASY

Questions10

CategoryBusiness & Finance

DifficultyEASY

Progress

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Quiz Questions

Answer all questions below and test your knowledge.

1
What is the study of how people make choices about how to use resources?
Question 1
2
Which economic term refers to the value of the next best alternative given up?
Question 2
3
What type of market structure has many firms selling a differentiated product?
Question 3
4
What is the term for a market structure with only one buyer?
Question 4
5
What economic indicator measures the total value of goods and services produced within a country's borders?
Question 5
6
Which economic concept describes the relationship between the price of a good and the quantity demanded?
Question 6
7
What is the term for a tax on imported goods?
Question 7
8
What type of economic policy involves government intervention in the economy?
Question 8
9
What economic term describes a situation in which economic growth is accompanied by rising prices?
Question 9
10
What is the term for a market structure with only one firm supplying the market?
Question 10