EcoQuiz: Essentials of Economics

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Economic basics challenge

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Johnie Abriol Mangubat

Philippines

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Froggy Jumps EcoQuiz: Essentials of EconomicsOnline version Economic basics challenge by Johnie Abriol Mangubat 1 What does the law of demand state about price and quantity? a Price and quantity demanded are independent b As price falls, quantity demanded falls c As price falls, quantity demanded rises 2 Which factor shifts the entire demand curve, not just movement along it? a Quantity supplied increase b Income change c Change in price 3 What is elasticity of demand a measure of? a How much supply responds to price b How responsive quantity demanded is to price changes c How costs react to output changes 4 Which term describes a market structure with many buyers and sellers and free entry? a Perfect competition b Monopoly c Oligopoly 5 GDP measures:? a Only consumer spending in a year b Total profits of firms c Total value of all final goods and services produced domestically 6 What is inflation? a The rate at which the general price level rises b A decrease in the money supply c A fall in unemployment only 7 Which policy tool is used to fight inflation via government spending and taxes? a Trade policy b Fiscal policy c Monetary policy 8 What is opportunity cost? a The monetary cost only b The value of the next best alternative forgone c The total cost of production 9 Which concept explains why countries specialize in goods they produce most efficiently? a Monetary advantage b Comparative advantage c Absolute advantage 10 A rising unemployment rate typically signals what in the short run? a Structural shortage b Supply-side boom c Cyclical weakness in the economy

Froggy Jumps

EcoQuiz: Essentials of EconomicsOnline version

Economic basics challenge

by Johnie Abriol Mangubat

What does the law of demand state about price and quantity?

Price and quantity demanded are independent

As price falls, quantity demanded falls

As price falls, quantity demanded rises

Which factor shifts the entire demand curve, not just movement along it?

Quantity supplied increase

Income change

Change in price

What is elasticity of demand a measure of?

How much supply responds to price

How responsive quantity demanded is to price changes

How costs react to output changes

Which term describes a market structure with many buyers and sellers and free entry?

Perfect competition

Monopoly

Oligopoly

GDP measures:?

Only consumer spending in a year

Total profits of firms

Total value of all final goods and services produced domestically

What is inflation?

The rate at which the general price level rises

A decrease in the money supply

A fall in unemployment only

Which policy tool is used to fight inflation via government spending and taxes?

Trade policy

Fiscal policy

Monetary policy

What is opportunity cost?

The monetary cost only

The value of the next best alternative forgone

The total cost of production

Which concept explains why countries specialize in goods they produce most efficiently?

Monetary advantage

Comparative advantage

Absolute advantage

A rising unemployment rate typically signals what in the short run?

Structural shortage

Supply-side boom

Cyclical weakness in the economy

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EcoQuiz: Essentials of Economics

Froggy Jumps

About this activity

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Download the paper version to play

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EcoQuiz: Essentials of EconomicsOnline version

by Johnie Abriol Mangubat

What does the law of demand state about price and quantity?

Which factor shifts the entire demand curve, not just movement along it?

What is elasticity of demand a measure of?

Which term describes a market structure with many buyers and sellers and free entry?

GDP measures:?

What is inflation?

Which policy tool is used to fight inflation via government spending and taxes?

What is opportunity cost?

Which concept explains why countries specialize in goods they produce most efficiently?

A rising unemployment rate typically signals what in the short run?

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