Economics Quiz

What does the acronym TINSTAAFL stand for in economics?

• There Is No Such Thing As A Free Lunch

• Time Is Not Something That Always Feels Long

• The Internet Needs Some Time And A Fast Line

• Trade Is Not Something That Always Feels Light

Which of the following is NOT one of the four factors of production?

• Money

• Land

• Labor

• Capital

What is the term for the cost of the next best alternative when a choice is made?

• Opportunity Cost

• Sunk Cost

• Fixed Cost

• Variable Cost

What does GDP stand for?

• Gross Domestic Product

• General Domestic Production

• Global Domestic Product

• Gross Domestic Price

What economic concept describes a general increase in prices and fall in the purchasing value of money?

• Inflation

• Deflation

• Stagflation

• Recession

Which branch of economics focuses on the behavior of individual consumers and firms?

• Microeconomics

• Macroeconomics

• Econometrics

• Behavioral Economics

Which branch of economics deals with the performance, structure, and behavior of an economy as a whole?

• Macroeconomics

• Microeconomics

• Econometrics

• Behavioral Economics

What is the primary focus of economics?

• Choices

• Money

• Trade

• Production

What is the difference between shortages and scarcity?

• Scarcity is a long-term issue; shortages are temporary.

• Shortages are a long-term issue; scarcity is temporary.

• Scarcity is related to money; shortages are related to goods.

• Shortages are related to money; scarcity is related to goods.

What is a trade-off in economics?

• A compromise between two competing interests

• A financial transaction

• A type of investment

• A government policy