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Economics Vocabulary Quiz

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Economics Vocabulary Quiz

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A quick true/false vocab quiz on economics terms

Created by

Asri
Asri
Indonesia

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Economics Vocabulary Quiz
 

Economics Vocabulary QuizOnline version

A quick true/false vocab quiz on economics terms

by Asri
1

Gross Domestic Product measures the total value of all final goods and services produced within a country in a period.

2

A surplus occurs when quantity demanded exceeds quantity supplied.

3

Fiscal policy is conducted by the central bank to control the money supply.

4

Inflation is a sustained increase in the general price level.

5

Marginal cost is the total cost of producing all units.

6

A normal good has a negative income elasticity of demand.

7

A price ceiling decreases quantity demanded by all producers.

8

Demand is the relationship between price and quantity demanded, ceteris paribus.

9

Opportunity cost is the value of the next best alternative foregone.

10

Elasticity of demand measures how much quantity demanded responds to a price change.

 
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