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Quiz about More Economics Terms
Quiz about More Economics Terms

More Economics Terms Trivia Quiz


More economics terms to challenge the brain. Enjoy!

A multiple-choice quiz by littlp. Estimated time: 5 mins.
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Author
littlp
Time
5 mins
Type
Multiple Choice
Quiz #
54,288
Updated
Jan 17 22
# Qns
25
Difficulty
Average
Avg Score
19 / 25
Plays
2755
Last 3 plays: Guest 93 (13/25), Guest 71 (15/25), Guest 103 (19/25).
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Question 1 of 25
1. Extra usefulness or satisfaction a person gets from acquiring one more unit of a product? Hint


Question 2 of 25
2. A written promise to repay the amount borrowed at a later date? Hint


Question 3 of 25
3. The amount borrowed? Hint


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


Question 5 of 25
5. Products that increase the usefulness or value of other products? Hint


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


Question 7 of 25
7. Court granted permission to not pay some or all of its debts which force it out of business? Hint


Question 8 of 25
8. Persons and organizations that use or represent the factors of production? Hint


Question 9 of 25
9. A rise in the general level of prices. Hint


Question 10 of 25
10. A federal program of disability and retirement benefits that covers most working people? Hint


Question 11 of 25
11. The driving force that encourages people and organizations to improve their material well-being is called? Hint


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


Question 13 of 25
13. What is a check representing a portion of the corporate earnings or profits called? Hint


Question 14 of 25
14. A system in which private citizens own the factors of production? Hint


Question 15 of 25
15. A business owned and run by one person? Hint


Question 16 of 25
16. The allocation of scarce resources and nearly all other economic activity stems from ritual, habit or custom? Hint


Question 17 of 25
17. People and firms act in their own best interests to answer the what, how, and for whom questions? Hint


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


Question 19 of 25
19. The change in quantity demanded because of the change in the relative price of the product? Hint


Question 20 of 25
20. What name is given to the negotiations between representatives of labor and management? Hint


Question 21 of 25
21. Total revenues neither increase nor decrease when price changes? Hint


Question 22 of 25
22. The more units a person acquires, the less eager that person is to acquire more? Hint


Question 23 of 25
23. Sum of peoples' skills, abilities, health, and motivation? Hint


Question 24 of 25
24. Market where goods and services are offered for sale? Hint


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



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Most Recent Scores
Mar 24 2024 : Guest 93: 13/25
Mar 23 2024 : Guest 71: 15/25
Mar 16 2024 : Guest 103: 19/25
Mar 15 2024 : Guest 124: 20/25
Mar 09 2024 : Guest 49: 21/25
Feb 29 2024 : AndySed: 23/25
Feb 16 2024 : Guest 31: 20/25
Feb 12 2024 : Guest 71: 21/25
Feb 08 2024 : Guest 170: 21/25

Score Distribution

quiz
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.
Any errors found in FunTrivia content are routinely corrected through our feedback system.
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