Basic Economics Multiple Choice Questions

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Basic Economics Multiple Choice Questions

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Kevin Valencia

Colombia

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Froggy Jumps Basic Economics Multiple Choice QuestionsOnline version Basic Economics Multiple Choice Questions by Kevin Valencia 1 What is the primary definition of Economics? a The study of weather patterns and climate change b The study of how societies use scarce resources to produce valuable goods and services c The art of making money 2 Why is Economics important in our daily lives? a It teaches us how to cook better meals b It helps us understand history c It helps us make better financial and resource decisions 3 Who is often referred to as the “Father of Economics”? a Adam Smith b Milton Friedman c Karl Marx 4 How did ancient civilizations engage in economic activity before the invention of money? a By using digital banking systems b By importing foreign currencies c Through bartering and exchanging goods and services 5 Which term refers to the limited nature of society’s resources? a Opportunity Cost b Scarcity c Inflation 6 What is 'opportunity cost'? a The value of the next best alternative foregone b The price of goods in the market c The cost of producing goods 7 Which of the following is NOT a factor of production? a Money b Capital c Land 8 What does the term “inflation” mean? a A decrease in the level of employment b A drop in the stock market c An increase in the overall level of prices in an economy 9 What is the meaning of the word “demand” in economics? a The production cost of a good b The desire and ability of consumers to buy a good or service c The need to regulate prices 10 What does “GDP” stand for in economics? a Global Development Plan b Gross Domestic Product c Government Development Policy

Froggy Jumps

Basic Economics Multiple Choice QuestionsOnline version

Basic Economics Multiple Choice Questions

by Kevin Valencia

What is the primary definition of Economics?

The study of weather patterns and climate change

The study of how societies use scarce resources to produce valuable goods and services

The art of making money

Why is Economics important in our daily lives?

It teaches us how to cook better meals

It helps us understand history

It helps us make better financial and resource decisions

Who is often referred to as the “Father of Economics”?

Adam Smith

Milton Friedman

Karl Marx

How did ancient civilizations engage in economic activity before the invention of money?

By using digital banking systems

By importing foreign currencies

Through bartering and exchanging goods and services

Which term refers to the limited nature of society’s resources?

Opportunity Cost

Scarcity

Inflation

What is 'opportunity cost'?

The value of the next best alternative foregone

The price of goods in the market

The cost of producing goods

Which of the following is NOT a factor of production?

Money

Capital

Land

What does the term “inflation” mean?

A decrease in the level of employment

A drop in the stock market

An increase in the overall level of prices in an economy

What is the meaning of the word “demand” in economics?

The production cost of a good

The desire and ability of consumers to buy a good or service

The need to regulate prices

What does “GDP” stand for in economics?

Global Development Plan

Gross Domestic Product

Government Development Policy

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Basic Economics Multiple Choice Questions

Froggy Jumps

About this activity

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Download the paper version to play

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Froggy Jumps

Basic Economics Multiple Choice QuestionsOnline version

by Kevin Valencia

What is the primary definition of Economics?

Why is Economics important in our daily lives?

Who is often referred to as the “Father of Economics”?

How did ancient civilizations engage in economic activity before the invention of money?

Which term refers to the limited nature of society’s resources?

What is 'opportunity cost'?

Which of the following is NOT a factor of production?

What does the term “inflation” mean?

What is the meaning of the word “demand” in economics?

What does “GDP” stand for in economics?

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