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More Economics Terms Trivia Quiz

More economics terms to challenge the brain. Enjoy!

A multiple-choice quiz by littlp. Estimated time: 5 mins.

Author
littlp

Time
5 mins

Type
Multiple Choice

Quiz #
54,288

Updated
Jan 17 22

# Qns
25

Difficulty
Average

Avg Score
19 / 25

Plays
2783

Last 3 plays: Guest 68 (22/25), Guest 128 (23/25), Guest 1 (20/25).

One at a Time - Single Page - Timed Game

Question 1 of 25

1. Extra usefulness or satisfaction a person gets from acquiring one more unit of a product? Hint

Diminishing marginal utility

Unit elastic

Elastic

Marginal utility

NEXT>

Question 2 of 25

2. A written promise to repay the amount borrowed at a later date? Hint

Bond

Bankruptcy

Principal

Interest

NEXT>

Question 3 of 25

3. The amount borrowed? Hint

Principal

Interest

Bond

Unit elastic

NEXT>

Question 4 of 25

4. The part of economics that deals with behavior and decision making by small units, such as individuals and firms? Hint

Microeconomics

Organizational chart

Economics

Unlimited life

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Question 5 of 25

5. Products that increase the usefulness or value of other products? Hint

Complements

Income effect

Substitutes

Goods

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Question 6 of 25

6. A voluntary association of people formed to carry on some kind of economic activity that will benefit its members? Hint

Revenues

Cooperative

Horizontal merger

Labor union

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Question 7 of 25

7. Court granted permission to not pay some or all of its debts which force it out of business? Hint

Interest

Bond

Bankruptcy

Principal

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Question 8 of 25

8. Persons and organizations that use or represent the factors of production? Hint

Profit

Consumer sovereignty

Business organization

Economic institution

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Question 9 of 25

9. A rise in the general level of prices. Hint

Raise

A very bad thing

Payroll

Inflation

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Question 10 of 25

10. A federal program of disability and retirement benefits that covers most working people? Hint

Market economy

A really cool thing

Cooperative

Social security

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Question 11 of 25

11. The driving force that encourages people and organizations to improve their material well-being is called? Hint

Big houses

Private property

Profit motive

Vacations

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Question 12 of 25

12. One in which people's economic affairs can take place freely but are subject to some government intervention and regulation? Hint

Traditional economy

Command economy

No such thing

Mixed economy

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Question 13 of 25

13. What is a check representing a portion of the corporate earnings or profits called? Hint

Dividend

Proxy

Stock

Fringe benefits

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Question 14 of 25

14. A system in which private citizens own the factors of production? Hint

Communism

Traditionalism

Profit

Capitalism

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Question 15 of 25

15. A business owned and run by one person? Hint

Sole proprietorship

That doesn't exist

One man show

All of the above

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Question 16 of 25

16. The allocation of scarce resources and nearly all other economic activity stems from ritual, habit or custom? Hint

Capitalism

Mixed economy

Communism

Traditional economy

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Question 17 of 25

17. People and firms act in their own best interests to answer the what, how, and for whom questions? Hint

Capitalism

Traditional economy

Command ecnomy

Market economy

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Question 18 of 25

18. The extent to which persons or organizations are better off at the end of a period than they were at the beginning? Hint

Good

Profit

Inventory

Fringe benefits

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Question 19 of 25

19. The change in quantity demanded because of the change in the relative price of the product? Hint

Substitution effect

Law of demand

Change in quantity demanded

Change in demand

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Question 20 of 25

20. What name is given to the negotiations between representatives of labor and management? Hint

Professional association

Collective bargaining

Chamber of commerce

Unlimited life

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Question 21 of 25

21. Total revenues neither increase nor decrease when price changes? Hint

Unit elastic

Marginal utility

Diminishing marginal utility

Traditional economy

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Question 22 of 25

22. The more units a person acquires, the less eager that person is to acquire more? Hint

Marginal utility

Diminishing marginal utility

Limited life

Unlimited liability

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Question 23 of 25

23. Sum of peoples' skills, abilities, health, and motivation? Hint

None of the above

Capital

Human capital

Son of capital

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Question 24 of 25

24. Market where goods and services are offered for sale? Hint

Service

Factor market

Product market

Productivity

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Question 25 of 25

25. Assignment of tasks so that each worker performs fewer functions more frequently? Hint

Assembly line

Specialization

Economics

Capital

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Most Recent Scores

Oct 26 2024 : Guest 68: 22/25
Oct 25 2024 : Guest 128: 23/25
Oct 23 2024 : Guest 1: 20/25
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Score Distribution

Quiz Answer Key and Fun Facts

1. Extra usefulness or satisfaction a person gets from acquiring one more unit of a product?

Answer: Marginal utility

Diminishing marginal utility is when the product loses its usefulness as more is bought. An example is water. After a hot day outside mowing the lawn, you would probably be really thirsty. The first glass gives you full satisfaction, the second about half and so on. Soon if you don't stop, you'll have no use for it and theoretically you would pay to have it taken away.

2. A written promise to repay the amount borrowed at a later date?

Answer: Bond

Principal is the amount borrowed; interest is the price paid for the use of another's money; bankruptcy is court granted permission to not pay some or all of its debts which forces it out of business.

3. The amount borrowed?

Answer: Principal

Interest is the money you pay back over time.

4. The part of economics that deals with behavior and decision making by small units, such as individuals and firms?

Answer: Microeconomics

I hope no one chose economics as I wouldn't put the answer in the question.

5. Products that increase the usefulness or value of other products?

Answer: Complements

Substitutes replace products.

6. A voluntary association of people formed to carry on some kind of economic activity that will benefit its members?

Answer: Cooperative

7. Court granted permission to not pay some or all of its debts which force it out of business?

Answer: Bankruptcy

TLC once had to declare bankruptcy.

8. Persons and organizations that use or represent the factors of production?

Answer: Economic institution

9. A rise in the general level of prices.

Answer: Inflation

Inflation also decreases the purchasing value of money.

10. A federal program of disability and retirement benefits that covers most working people?

Answer: Social security

Market economy and cooperative have nothing to do with social security.

11. The driving force that encourages people and organizations to improve their material well-being is called?

Answer: Profit motive

Vacations and big houses are a part of profit motive, but not the only thing.

12. One in which people's economic affairs can take place freely but are subject to some government intervention and regulation?

Answer: Mixed economy

This might have been confusing.

13. What is a check representing a portion of the corporate earnings or profits called?

Answer: Dividend

Companies give these out at least once a year.

14. A system in which private citizens own the factors of production?

Answer: Capitalism

United States is an example of a capitalist country.

15. A business owned and run by one person?

Answer: Sole proprietorship

This should have been easy.

16. The allocation of scarce resources and nearly all other economic activity stems from ritual, habit or custom?

Answer: Traditional economy

The most common types of traditional economies are third world countries.

17. People and firms act in their own best interests to answer the what, how, and for whom questions?

Answer: Market economy

18. The extent to which persons or organizations are better off at the end of a period than they were at the beginning?

Answer: Profit

19. The change in quantity demanded because of the change in the relative price of the product?

Answer: Substitution effect

20. What name is given to the negotiations between representatives of labor and management?

Answer: Collective bargaining

21. Total revenues neither increase nor decrease when price changes?

Answer: Unit elastic

22. The more units a person acquires, the less eager that person is to acquire more?

Answer: Diminishing marginal utility

23. Sum of peoples' skills, abilities, health, and motivation?

Answer: Human capital

24. Market where goods and services are offered for sale?

Answer: Product market

25. Assignment of tasks so that each worker performs fewer functions more frequently?

Answer: Specialization

I hope you enjoyed my quiz, and learned something from it.

Source: Author littlp

This quiz was reviewed by FunTrivia editor Nightmare before going online.
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