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Key Economic Concepts Quiz
Key Economic Concepts · Expert
20 questions · Unlimited attempts · Free online practice
Economics helps us understand how people, businesses, and governments make choices when resources are limited. By learning key economic concepts, you can better understand prices,...
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All 20 questions in this Key Economic Concepts quiz
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What is money used for?
- A. Tax
- B. Exchange
- C. Decoration
- D. Storage
-
What is 'Value Added'?
- A. Extra cost
- B. Increase in value at each production stage
- C. Tax
- D. Profit
-
What is economics mainly about?
- A. Politics
- B. Scarcity
- C. History
- D. Wealth
-
What is saving?
- A. Tax
- B. Borrowing
- C. Spending
- D. Income left
-
What is 'Barter'?
- A. Exchanging goods without money
- B. A bank
- C. A type of tax
- D. Using money
-
What is a 'Sunk Cost'?
- A. Variable cost
- B. A discount
- C. Future cost
- D. A cost that cannot be recovered
-
What is budget?
- A. Policy
- B. Account
- C. Law
- D. Plan
-
What is 'Globalization'?
- A. Closing borders
- B. Local trade
- C. Staying in one country
- D. Integration of world economies
-
Which is a factor of production?
- A. Land
- B. Tax
- C. Trade
- D. Money
-
What is trade?
- A. Buying only
- B. Production
- C. Selling only
- D. Exchange of goods
-
Which organization regulates international trade?
- A. World Bank
- B. UNICEF
- C. WTO
- D. IMF
-
Which organization regulates trade?
- A. UN
- B. WTO
- C. IMF
- D. World Bank
-
What is 'Moral Hazard'?
- A. Illegal trading
- B. A stock crash
- C. A bad investment
- D. Increased risk-taking when insured
-
What is 'Brain Drain'?
- A. Mental illness
- B. Loss of skilled workers to other countries
- C. School closures
- D. Old age
-
What is 'Entrepreneurship'?
- A. Working for a salary
- B. Saving money
- C. Paying taxes
- D. Starting and managing a business
-
What is 'Maturity'?
- A. Tax date
- B. Opening date
- C. End of a financial instrument's life
- D. Interest rate
-
Which bank issues currency?
- A. Central
- B. Rural
- C. Private
- D. Commercial
-
What is deficit?
- A. Surplus
- B. Profit
- C. Shortfall
- D. Balance
-
What is capital?
- A. Money
- B. All
- C. Resources
- D. Tools
-
What is 'Income'?
- A. A loan
- B. Money spent
- C. Money received
- D. A type of tax