Economics Quiz

What is the system of business in which individuals are free to decide what to produce, how to produce it, and at what price to sell it?

• Command Economy

• Free Enterprise

• Mixed Economy

• Market Economy

What is the organized effort of individuals to produce and sell goods and services that satisfy society’s needs?

• Economics

• Business

• Supply

• Demand

What remains after all business expenses have been deducted from sales revenue?

• Profit

• Supply

• Demand

• Recession

What term describes the recurrence of periods of growth and recession in a nation’s economic activity?

• Business Cycle

• Depression

• Recession

• Supply

What is defined as two or more consecutive three-month periods of decline in a country’s GDP?

• Depression

• Recession

• Business Cycle

• Supply

What is a severe recession that lasts longer than a typical recession and has a larger decline in business activity?

• Recession

• Business Cycle

• Depression

• Supply

What is the quantity of a product that producers are willing to sell at each of various prices?

• Demand

• Supply

• Business

• Profit

What is the quantity of a product that buyers are willing to purchase at each of various prices?

• Supply

• Demand

• Business

• Profit

What is the study of how wealth is created and distributed?

• Macroeconomics

• Microeconomics

• Economics

• Business

What is the study of the national economy and the global economy?

• Microeconomics

• Macroeconomics

• Economics

• Business