Economics Essentials Quiz

9 questions • 3 - 5 minutes

What is the term for the total value of all goods and services produced within a country's borders in a given year?

GDP

ATM

VIP

CEO

Question 1

Which economic system relies on supply and demand to determine prices and allocation of resources?

Capitalism

Communism

Socialism

Anarchy

Question 2

What does "inflation" refer to in economics?

Decrease in prices

Increase in unemployment

Rise in the general price level

Expansion of exports

Question 3

Which of the following is NOT a factor of production?

Land

Labor

Money

Capital

Question 4

When a country exports more than it imports, what is the result?

Trade deficit

Trade surplus

Budget surplus

Economic recession

Question 5

What is the main function of the Federal Reserve in the United States?

Collect taxes

Regulate the stock market

Control the money supply

Conduct foreign policy

Question 6

Which term describes the highest point of economic activity in a business cycle?

Recession

Depression

Peak

Trough

Question 7

What is the term for the amount of money a company earns after deducting all expenses?

Profit

Revenue

Loss

Debt

Question 8

When a government spends more money than it collects in taxes, what is this called?

Fiscal surplus

Fiscal deficit

Fiscal equilibrium

Fiscal responsibility

Question 9

Quiz Summary

Accuracy

Performance Statistics

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Review Questions

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1. What is the term for the total value of all goods and services produced within a country's borders in a given year?

a) GDP
b) ATM
c) VIP
d) CEO

2. Which economic system relies on supply and demand to determine prices and allocation of resources?

a) Capitalism
b) Communism
c) Socialism
d) Anarchy

3. What does "inflation" refer to in economics?

a) Decrease in prices
b) Increase in unemployment
c) Rise in the general price level
d) Expansion of exports

4. Which of the following is NOT a factor of production?

a) Land
b) Labor
c)Money
d) Capital

5. When a country exports more than it imports, what is the result?

a) Trade deficit
b) Trade surplus
c) Budget surplus
d) Economic recession

6.What is the main function of the Federal Reserve in the United States?

a) Collect taxes
b) Regulate the stock market
c) Control the money supply
d) Conduct foreign policy

7. Which term describes the highest point of economic activity in a business cycle?

a) Recession
b) Depression
c) Peak
d) Trough

8. What is the term for the amount of money a company earns after deducting all expenses?

a) Revenue
b) Profit
c) Loss
d) Debt

9. When a government spends more money than it collects in taxes, what is this called?

a) Fiscal surplus
b) Fiscal deficit
c) Fiscal equilibrium
d) Fiscal responsibility