Economic Society Essentials Quiz

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Quiz on core economic concepts

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John Michael Razo

Philippines

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Froggy Jumps Economic Society Essentials QuizOnline version Quiz on core economic concepts by John Michael Razo 1 What does microeconomics study? a Behavior and decision-making of individuals and households b Government fiscal policy and budgets c Macro-level national economic trends 2 Which part studies the overall economy, including inflation and unemployment? a Behavioral economics b Microeconomics c Microeconomics 3 In the law of supply and demand, if demand rises and supply stays the same, what happens to price? a Price decreases b Price increases c Price stays the same 4 GDP measures a country’s spending, industry gains, and coffers. True or false? a Only private sector growth b True c False 5 A capitalist economy primarily features which of the following? a Government ownership and central planning b No taxation or regulation c Private ownership and competition 6 In socialism, who plans the economy and funds public services? a Private individuals b Market-driven corporations c The government 7 In communism, who owns the means of production? a The state b Private individuals c Private individuals 8 What best describes a mixed economy? a Totally free-market with no regulation b Purely socialized system c Government-owned businesses and private businesses that can sell to any part of the world. 9 Production refers to which activity? a Making goods to satisfy people's needs b Using goods produced by others c Destroying surplus products 10 According to economic freedom, which outcome is likely? a Widespread prosperity b No competition c Constant high taxes

Froggy Jumps

Economic Society Essentials QuizOnline version

Quiz on core economic concepts

by John Michael Razo

What does microeconomics study?

Behavior and decision-making of individuals and households

Government fiscal policy and budgets

Macro-level national economic trends

Which part studies the overall economy, including inflation and unemployment?

Behavioral economics

Microeconomics

In the law of supply and demand, if demand rises and supply stays the same, what happens to price?

Price decreases

Price increases

Price stays the same

GDP measures a country’s spending, industry gains, and coffers. True or false?

Only private sector growth

True

False

A capitalist economy primarily features which of the following?

Government ownership and central planning

No taxation or regulation

Private ownership and competition

In socialism, who plans the economy and funds public services?

Private individuals

Market-driven corporations

The government

In communism, who owns the means of production?

The state

Private individuals

What best describes a mixed economy?

Totally free-market with no regulation

Purely socialized system

Government-owned businesses and private businesses that can sell to any part of the world.

Production refers to which activity?

Making goods to satisfy people's needs

Using goods produced by others

Destroying surplus products

According to economic freedom, which outcome is likely?

Widespread prosperity

No competition

Constant high taxes

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Economic Society Essentials Quiz

Froggy Jumps

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Download the paper version to play

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Froggy Jumps

Economic Society Essentials QuizOnline version

by John Michael Razo

What does microeconomics study?

Which part studies the overall economy, including inflation and unemployment?

In the law of supply and demand, if demand rises and supply stays the same, what happens to price?

GDP measures a country’s spending, industry gains, and coffers. True or false?

A capitalist economy primarily features which of the following?

In socialism, who plans the economy and funds public services?

In communism, who owns the means of production?

What best describes a mixed economy?

Production refers to which activity?

According to economic freedom, which outcome is likely?

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