Economics Fundamentals Quiz — 7 Free Questions

Question 1

What is the name for an organised association of workers, typically in a trade or profession, formed to protect and advance their common interests in pay, safety and employment through collective action?

Question 2

What is the name for the situation in a market when the price is held below the level that would balance the market, so that the quantity buyers demand is greater than the quantity sellers supply?

Question 3

What is the name for a legally enforced minimum price, set above the level a free market would reach, below which a good or a service may not be traded?

Question 4

What is the name for a payment or tax break given by a government to producers or consumers of a particular good, to lower its price, raise its output, or support the incomes of those who supply it?

Question 5

What is the name for the principle that each additional unit of a good consumed within a given period yields less extra satisfaction than the unit before it?

Question 6

What is the name for the measure of how strongly the quantity demanded of a good responds to a change in its price, calculated as the percentage change in quantity divided by the percentage change in price?

Question 7

What is the name for the market structure in which many firms compete, entry is easy, but each sells a slightly differentiated version of the product and so has a little power over its own price?

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About Economics Fundamentals

This quiz is the grounding for the whole set: one hundred questions on the core ideas of economics, the ones a newspaper assumes you already know. Each question describes a concept, a measure, a policy tool, a market structure or a whole economic system, and asks you to name it from four choices of the same kind, then explains it.

The five packs move outward in rings. The first covers the price mechanism and the headline numbers: supply and demand, equilibrium, shortages and surpluses, price controls, inflation and deflation, the consumer price index, national output, recession, the business cycle, unemployment, central banks, interest rates and money itself. The second turns to the firm and the market: elasticity, normal and inferior and substitute and complement goods, diminishing marginal utility, opportunity cost, the production frontier, fixed and variable costs, economies of scale, and the four market structures from perfect competition to monopoly.

The third pack is macroeconomic management: fiscal and monetary policy, deficits and debt, quantitative easing, the money supply, the multiplier, aggregate demand and supply, stagflation, the Phillips curve, progressive and regressive and indirect taxes, crowding out, automatic stabilisers, the velocity of money and hyperinflation. The fourth covers trade, labour and market failure: comparative advantage, tariffs and quotas, the exchange rate, public goods and externalities, the tragedy of the commons, subsidies, the Gini coefficient, the poverty line, unions and the kinds of unemployment. The fifth gathers the systems and the sharper ideas: market, command and mixed economies, the invisible hand, laissez-faire, the dismal science, macro versus micro, ceteris paribus, normative versus positive, the circular flow, real versus nominal output, the Laffer curve, moral hazard and adverse selection, the free-rider problem, the prisoner's dilemma, behavioural economics and creative destruction.

The wrong answers are always other economic terms of the same type, so a firm grasp is rewarded and a guess is quickly exposed. Around a fifth of the questions carry a neutral photograph, a stock-exchange floor, an exchange building, a banknote, a handful of coins, a container ship, a central bank, that fits any of the four options equally and so gives nothing away. No mathematics is needed and no prior study is assumed; the descriptions do the teaching. Where an idea is tied to one thinker, Smith's invisible hand, Ricardo's comparative advantage, Schumpeter's creative destruction, it is treated here as a concept, with the people and their books left to the next quiz in the set. Definitions and attributions have been checked against standard reference works.