Basic Economics Quiz: Question Preview (ID: 32035)

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Price ceilings are imposed increase price above the free market equilibrium price
a) Buyers spend all their money
b) Quantity demanded equals quantity supplied
c) Excess demand is zero
d) b and c

When we know the quantity of a product that buyers wish to purchase at each possible price, we know
a) Demand
b) Supply
c) Excess demand
d) Excess supply

Macroeconomics is the study of ___________________
a) individual building blocks in the economy
b) the relationship between different sectors of the economy
c) household purchase decisions
d) the economy as a whole

Microeconomics is concerned with
a) the economy as a whole
b) the electronics industry
c) the study of individual economic behaviour
d) the interactions within the entire economy

Positive economics studies objective explanations of the workings of the economy

Normative economics forms ___________ based on _____________
a) positive statements, facts
b) opinions, personal values
c) positive statements, values
d) opinions, facts

In the mixed economy
a) economic problems are solved by the government and market
b) economic decisions are made by the private sector and free market
c) economic allocation is achieved by the invisible hand
d) economic questions are solved by government departments

In a free market __________ ___________
a) governments intervene
b) governments plan production
c) governments interfere
d) prices adjust to reconcile scarcity and desires

A command economy decides resource allocation by government planning

A market can accurately be described as
a) a place to buy things
b) a place to sell things
c) the process by which prices adjust to reconcile the allocation of resources
d) a place where buyers and sellers meet

The opportunity cost of a good is
a) the time lost in finding it
b) the quantity of other goods sacrificed to get another unit of that good
c) the expenditure on the good
d) the loss of interest in using savings

A resource is scarce if supply exceeds demand at zero price

Economics is the study of
a) production technology
b) consumption decisions
c) how society decides what, how, and for whom to produce
d) the best way to run societ

The equilibrium price clears the market; it is the price at which ________ _________
a) Quantity demanded equals quantity supplied
b) Excess demand and excess supply are zero
c) The market is cleared by the equilibrium price
d) All of the above

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