Economics Quiz

The total market value of all final goods and services produced within a nation’s borders each year.

• Gross domestic product (GDP)

• Production

• Costs

The situation in which the average of all prices of goods and services is rising.

• Stagflation

• Inflammation

• Inflation

The combined talents and skills of the workforce.

• Working

• Production

• Knowledge

Workers who create, distribute, and apply knowledge.

• Workers

• Knowledge Workers

• Blue-Collar Workers

The subarea of economics that focuses on the economy as a whole by looking at aggregate data for large groups of people, companies, or products.

• Macroeconomics

• Microeconomics

• Economic Aggregation

The number of suppliers in a market.

• Suppliers Market

• Market Structure

• Market Makers

The subarea of economics that focuses on individual parts of the economy, such as households or firms.

• Scale Economics

• Microeconomics

• Macroeconomics

Economies that combine several economic systems; for example, an economy where the government owns certain industries but others are owned by the private sector.

• Economies of Scale

• Unmixed Economies

• Mixed Economies

A government’s programs for controlling the amount of money circulating in the economy and interest rates.

• Monetary Policy

• Government Programs

• Economics

A market structure in which many firms offer products that are close substitutes and in which entry is relatively easy.

• Substitute Economics

• Monopolistic Competition

• Barriers to Entry