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100 Basic Economics Questions – Economics Quiz

100 Basic Economics Questions – Economics Quiz

100 Basic Economics Questions - Economics Quiz


1) Alfred Marshal, famous economist contributes mainly in the field of ________

Answer: Theory of demand.


2) Who firstly introduced “Liquidity of Preference theory”?

Answer: Lord Keynes.


3) The term water in economics deals with ____________

Answer: Free good.


4) The term “Technology “is defined in economics as _________

Answer: Society’s knowledge of production.


5) In which theory “Marginal Productivity theory “deals with?

Answer: Distribution.


6) Price determination is studied traditionally. What is it called?

Answer: Theory of value.


7) The word ‘Invisible hand ‘in economics is defined as

Answer: Market self-regulating system.


8) To Influence consumers a producer, have to spend money. This is an example of

Answer: Demand creation.


9) Whose opinion is ‘Rent is a creation of value’ not of wealth?

Answer: David Ricardo.


10) The concept” Representative Firm” is introduced by __________

Answer: Alfred Marshal.


11) The book “The social framework” is written by

Answer: J.R.Hicks.


12) “Theory of income determination” is introduced by _______ in its modern form.

Answer: J.M.Keynes.


13) The other name of Marshallian approach is _______

Answer: Cardinal approach.


14) The total utility is _________ when Marginal utility (MU) reaches zero.

Answer: Maximum.


15) In total utility (TU) curve the falling part represents _______

Answer: Negative marginal utility.


16) An IC can be ______ in the economic bad condition.

Answer: Sloping upward.


17) When rate of a commodity decrease  then we bought __________, based on law of Equi-marginal utility

Answer: More units.


18) What changes will occur on the budget line if consumer’s income increases?

Answer: Shift parallel to right.


19) To a capital-intensive business, the most suitable form of business organisation is ____________

Answer: Joint-stock company.


20) When rate of a product A Falls and as a result the demand of another product B rises. Comment the statement.

Answer: A and B are complementary goods.


Basic Economics Questions – Economics Quiz Part 2


21) The other name of budget line is _____________

Answer: Consumption possibility line.


22) A farm land can used to cultivate either corn or soybeans if corn’s demand increases then:

Answer: The supply of soybeans should decrease.


23) Law of diminishing returns is used in ____________ Field, according to Marshal

Answer: Agriculture.


24) The another name of Opportunity cost is_________

Answer: Alternative costs.


25) We can determine the slope of budget line (iso-cost line) by________

Answer: Pricing of two factors.


26) Against fixed factors the firm faced some costs. These costs are called as _________

Answer: Fixed costs.


27) The MC curve’s behavior can be find out by examining the behavior of _________

Answer: TC curve.


28) A firm generally uses _________ according to modern theory of costs

Answer: 2/3 of capacity of its plants.


29) On what idea the model cost curves deals with?

Answer: Reserve capacity.


30) The competition is called as ______ if many firms are producing differentiated and similar products

Answer: Monopolistic competition.


31) In _______consumers will get similar and differentiated goods

Answer: Monopolistic competition.


32) Prices are determined firstly by _______ in a competitive market

Answer: The interplay of demand and supply.


33) The profit can be maximized by a monopolist when ________

Answer: His marginal revenue is equal to marginal cost.


34) Costless production assumption is __________ based on the opinion of critics

Answer: not true.


35) The firms are following ________ in a monopolistic competition

Answer: Myopia behavior.


36) Name the two economists who put forward game theory?

Answer: Neomann and Morgenstern.


37) In which year A.W Tucker presented The Prisoner’s dilemma?

Answer: 1940.


38) A country’s imports give income for ___________

Answer: Foreign producers.


39) Who put forward “The concept of multiplier”?

Answer: Keynes.


40) Who introduced ‘The regressive expectations’ model?

Answer: Tobin.


Basic Economics Questions – Economics Quiz Part 3


41) The other name of ‘The Endogenous growth model (Theory)’

Answer: New growth theory.


42) Average revenue curve is otherwise known as ____________

Answer: Demand curve.


43) What is deficit financing?

Answer: Spending in excess of revenues.


44) A country’s market size can really determine by________

Answer: Income of its population.


45) Who wrote the book ‘Principles of political economy and taxation’?

Answer: David Ricardo.


46) Who is the first person raise   fears on World Food shortage?

Answer: T.R. Malthus.


47) Karl Marx famous book Das capital’s first volume was released on which year?

Answer: 1867.


48) When did ‘The Communist Manifesto’, the book by Marx and Engels was released?

Answer: 1848.


49) Fredrich list nationality is_________

Answer: German.


50) An economist on explaining the concept of money framed a phrase ‘a temporary about off purchasing power’. Mention the economist

Answer: Milton Friedman.


51) Name the economist who proposed the ‘Time preference theory of interest’

Answer: Böhm Bawerk.


52) The term ‘Quasi-rent’ was initially used by _________

Answer: Alfred Marshall.


53) Consumers goods are called as consumption capital by

Answer: Alfred Marshall.


54) In economics the concept ‘Elasticity of demand’ was introduced by _________

Answer: Alfred Marshall.


55) AFC (Average Fixed Curve)’s shape is _____________

Answer: Rectangular hyperbola.


56) ‘Choice of technique’ is the book written by __________

Answer: Amartya Sen.


57) Two economists in 1930, who worked independantly put forward monopolistic competition theory simultaneously. E.H Chamberlain was the first person. Mention the other.

Answer: Joan Robinson.


58) Bertil Ohlin, The winner of Nobel prize for economics in 1977. Mention his nationality.

Answer: Swedish.


59) Define Supply of a Commodity?

Answer: Amount of the commodity offered for sale at a particular price per unit of time.


60) ‘Marginal productivity theory of distribution ‘ was first introduced by________

Answer: J. B. Clark.


Basic Economics Questions – Economics Quiz Part 4


61) ‘Economics of imperfect competition’ is the book written by

Answer: Joan Robinson.


62) In 1946 a University appointed W. W. Leontief as the professor of Economics. Name the University

Answer: University of Kiel.


63) Paul A Samuelson won the Nobel prize in economics in which year?

Answer: 1970.


64) In 1990 the number of economists share the Nobel prize for economics are________

Answer: Three.


65) The country with the highest GDP in world is _________

Answer: USA.


66) The country with the lowest GDP per capita in the world is _________

Answer: Mozambique.


67) The country with the largest per capita income is _________

Answer: Switzerland.


68) Define ‘Demand for a Commodity’?

Answer: Quantity of the commodity demanded at a certain price during any particular period of time.


69) In USA how many percentages of GDP have the contribution from agriculture?

Answer: 2.


70) The country having the highest daily calorie intake per capita is _______

Answer: United Arab Emirates.


71) Highest indebted nation in the world is _________

Answer: Brazil.


72) A nation with high income is found to be the highest consumer of per capita energy. Mention the country.

Answer: Canada.


73) Name the nation where the whole population is urban in nature?

Answer: Singapore.


74) The country in which the death rate is very low in the world is ________

Answer: Kuwait.


75) Infant mortality rate is highest in a developed nation. Mention the country

Answer: Sweden.


76) ‘Science which studies human behaviour as a relationship between ends and means which have alternative uses.’ Which economist defined Economics as this?

Answer: L. Robbins.


77) The country having the largest life expectancy of birth in the world is Japan. How much is the life expectancy?

Answer: 76 years.


78) For the third world nations the biggest source of help is _______

Answer: The World Bank.


79) Which country is the highest producer of milk in the world?

Answer: USSR.


80) Most number of German cars are exported to which nation?

Answer: UK.


Basic Economics Questions – Economics Quiz Part 5


81) Approximate percentage value of oil reserves in west Asia compared to the total oil reserves in the world is _______

Answer: 65.


82) In 1990 Aug US dollar became convertible to citizens of the Soviet Union. Other currencies are also become convertible. Name the date when it became authorised?

answer: First.


83) Gorbachev’s market economy plan was approved by the Soviet Union Parliament on which day of Oct 1990?

Answer: Nineteenth.


84) The joining of East and West Germany took place on ___ October 1990

Answer: Third.


85) Which year did China’s first five-year plan end?

Answer: 1957.


86) Industrial revolution first occurred in ____________

Answer: England.


87) IMF (International Monetary Fund) started to function in which year?

Answer: 1947.


88) Head Quarters of IMF is at _________

Answer: Washington, DC.


89) World Bank (IBRD-International Bank for Reconstruction and Development) started to function in

Answer: 1946.


90) ‘Soft Loan Window’ is the other name of a financial institution, in which hard currencies can be borrowed by underdeveloped countries. Name the institution?

Answer: IDA.


91) GATT (General Agreement on Tariff and Trade)’s headquarters is at _________

Answer: Geneva.


92) ASEAN is the group of countries that aims at the progress of the economy, social welfare, and stability in the region. When was ASEAN formed?

Answer: 1967.


93) For development in agriculture the international Fund was inaugurated on ________

Answer: 1977.


94) Council of Europe’s headquarters is at ________

Answer: Strasbourg.


95) OCED (Organization of Economic Cooperation and Development) was formed on which year?

Answer: 1961.


96) European Common Market (ECM) /European Economic Community (EEC) starts on _______

Answer: 1958.


97) COMECON is the group of countries whose objective is to integrate and coordinate the economies of member nations. When was it founded?

Answer: 1949.


98) EFTA (European Free Trade Association)’s headquarters is on __________

Answer: Brussels.


99) OPEC’s biggest oil exporter is which country?

Answer: Saudi Arabia.


100) Which is not an essential condition for an economic problem to arise?

Answer: Use of money.


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My name is Angel Wicky, I'm from Bangalore (India). I am a teacher & I love teaching. Teaching is the best job in the world. Education is the basic and essential part of any human being and teachers are the base of any education system. I'm really happy to be a part of it.

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