Understanding Economic Basics

Explore key concepts in economics that shape our financial world

tradeeconomicsmarketfinancebusiness
Difficulty:EASY

Quiz Details

Questions10
CategoryBusiness & Finance
DifficultyEASY
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Quiz Questions

Answer all questions below and test your knowledge.

  1. 1

    What is the study of how people make choices about how to use resources?

    Question 1
  2. 2

    Which economic term refers to the value of the next best alternative given up?

    Question 2
  3. 3

    What type of market structure has many firms selling a differentiated product?

    Question 3
  4. 4

    What is the term for a market structure with only one buyer?

    Question 4
  5. 5

    What economic indicator measures the total value of goods and services produced within a country's borders?

    Question 5
  6. 6

    Which economic concept describes the relationship between the price of a good and the quantity demanded?

    Question 6
  7. 7

    What is the term for a tax on imported goods?

    Question 7
  8. 8

    What type of economic policy involves government intervention in the economy?

    Question 8
  9. 9

    What economic term describes a situation in which economic growth is accompanied by rising prices?

    Question 9
  10. 10

    What is the term for a market structure with only one firm supplying the market?

    Question 10

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