Economics Quiz

What is a simplified representation of reality used to provide insight into economic decisions and events?

• Model

• Diagram

• Chart

• Graph

What does the Latin phrase "Ceteris Paribus" mean in economics?

• All things considered

• Other things being equal

• Everything changes

• Nothing changes

What is the study of economic decisions taken by individual economic agents, including households and firms?

• Macroeconomics

• Microeconomics

• Econometrics

• Economic theory

What is the study of the interrelationships between economic variables at an aggregate (economy-wide) level?

• Microeconomics

• Econometrics

• Macroeconomics

• Economic theory

What is a statement about what is, i.e., about facts?

• Normative statement

• Positive statement

• Hypothetical statement

• Theoretical statement

What involves a value judgement about what ought to be?

• Positive statement

• Normative statement

• Factual statement

• Logical statement

What is an opinion about the relative merits of two or more options based on morality rather than logical argument?

• Value judgement

• Economic decision

• Logical reasoning

• Moral argument

Who are individuals, firms, and organizations involved in economic activity?

• Economic agents

• Consumers

• Producers

• Investors

What are the things consumers need to survive, such as food and water?

• Economic wants

• Economic needs

• Economic desires

• Economic demands

What are goods that are scarce and therefore command a price?

• Free goods

• Economic goods

• Public goods

• Common goods