Basic Economics Concepts

Difficulty: medium. 10 questions.

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Total Questions
10
Published
October 2, 2026
Source Type
topic
Tags(6)
Topic
beginner
topic
basic
economics
concepts
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  1. 1

    What is the fundamental economic problem that arises because resources are limited but wants are unlimited?

    • AInflation
    • BUnemployment
    • CRecession
    • DScarcity
  2. 2

    Which of the following best describes the concept of opportunity cost?

    • AThe total cost of producing a good or service.
    • BThe value of the next best alternative forgone when a choice is made.
    • CThe amount of money a business invests.
    • DThe price paid for a product.
  3. 3

    In a market economy, who primarily makes decisions about what to produce, how to produce it, and for whom to produce it?

    • AInternational organizations
    • BCentral planners
    • CThe government
    • DConsumers and producers
  4. 4

    What does the law of demand state?

    • AAs income increases, demand for normal goods increases.
    • BAs the price of a good increases, the quantity supplied increases, ceteris paribus.
    • CAs the price of a good increases, the quantity demanded decreases, ceteris paribus.
    • DAs the price of a good decreases, the quantity demanded increases, ceteris paribus.
  5. 5

    Which factor shifts the demand curve for a product to the right, indicating an increase in demand?

    • AAn increase in the cost of production.
    • BA decrease in consumer income (for a normal good).
    • CAn increase in the price of a substitute good.
    • DA decrease in the price of the product.