Economics: The Basics!

Question 1

When price goes up, quantity demanded goes...

Accepted Answer

Down

Question 2

You have $1. An apple costs $1. An orange costs $1. The opportunity cost of buying an apple is

Accepted Answer

Orange

Question 3

Which economic system requires freedom of competition and results in unequal economic classes?

Accepted Answer

Capitalism

Question 4

Social science that describes factors determining production, distribution, etc.

Accepted Answer

Economics

Question 5

The unemployment rate does not include...

Accepted Answer

Frustrated/discouraged people who stopped looking for work

Question 6

When price goes up, the quantity supplied goes

Accepted Answer

Up

Question 7

When a decline real gross domestic product takes place, this is known as...

Accepted Answer

Recession

Question 8

The market value of all new final goods and services produced within a country is

Accepted Answer

GDP

Question 9

A decrease in the general price level of goods and services is...

Accepted Answer

Deflation

Question 10

Which economist believed in laissez-faire economics?

Accepted Answer

Adam Smith

Questions 10