Economics Quiz

What is the best definition of supply?

• The amount of a good or service that producers are willing and able to offer for sale at a given price.

• The amount of a good or service that consumers are willing and able to purchase at a given price.

• The point when the quantity supplied and the quantity demanded are equal at a certain price.

• A graphical representation of the different combinations of two goods that a country, a firm, or an individual can produce given a fixed set of resources and technology.

Which of the following is the best definition of a financial exchange?

• Trading one type of currency for another.

• Making an update to the design of a certain type of currency.

• Transferring money between parties in exchange for goods or services.

• A market for the sale of goods.

Which of the following is NOT part of the SMART acronym?

• Specific

• Measurable

• Achievable

• Random

What is a non-price determinant of supply and demand?

• The rate at which price impacts supply and demand.

• The factors, other than price, that don’t influence supply and demand.

• The factors that affect the demand and supply of a product or service, other than its price.

• The amount you can change the price without impacted supply or demand.

What is an economic system?

• A way to troubleshoot failing economies.

• A market in which individuals can buy or sell equities from publicly traded companies.

• The computer system that tracks and monitors how an economy is functioning.

• The way in which a society organizes the production, distribution, and consumption of goods and services.

Which type of income is most important for budgeting?

• Gross income

• Net income

• Taxable income

• None of the above

What is another name for a Pure Market system?

• Capitalism

• Socialism

• Communism

• Marketism

How do households, firms, and governments interact in the economy?

• Through independent markets

• By ignoring each other

• Using the circular flow model

• By competing for resources

What types of taxes are identified at the local, state, and national levels?

• Flat taxes

• Indirect taxes

• Progressive and regressive taxes

• Sales taxes

What is the desired return on investment?

• Loss

• Break-even

• Profit

• Interest