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Test your own economic literacy
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Test your own economic literacy

by: councilforeconed
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Test your knowledge of basic economics. The questions in this online test were used in the Standards of Economics Survey.

  1. 1

    A large increase in the number of fast-food restaurants in a community is most likely to result in:

  2. 2

    A person who starts a business to produce a new product in the marketplace is known as:

  3. 3

    An increase from 5% to 8% in the interest rates charged by banks would most likely encourage:

  4. 4

    For most people, the largest portion of their personal income comes from:

  5. 5

    If the real gross domestic product of the United States has increased, but the production of goods has remained the same, then the production of services has:

  6. 6

    If the price of beef doubled and the price of poultry stayed the same, people would most likely buy:

  7. 7

    If the United States stopped importing automobiles from Country X, who would be most likely to benefit?

  8. 8

    If your city government sets a maximum amount landlords can charge in rent, what is the most likely result?

  9. 9

    In the United States, who determines what goods and services should be produced?

  10. 10

    Mexico grows fruits and vegetables and Argentina produces beef. If Mexico voluntarily trades fruits and vegetables in exchange for Argentinean beef:

  11. 11

    The manufacturers of XYZ sportswear are unable to produce enough sportswear to satisfy demand. If XYZ manufacturers cannot increase production and demand continues to increase, the price will:

  12. 12

    The resources used in the production of goods and services are limited, so society must:

  13. 13

    The stock market is an example of an institution within our economy that exists to help people achieve their economic goals. The existence of this institution:

  14. 14

    When a person rents an apartment, who benefits from the transaction?

  15. 15

    When deciding which of the two items to purchase, one should always:

  16. 16

    When governments supply products and services, these products and services usually benefit:

  17. 17

    When the federal government's expenditures for a year are greater than its revenue for that year, the difference is known as:

  18. 18

    Which of the following are most likely to be helped by inflation?

  19. 19

    Which of the following would be most likely to accelerate innovation in the computer industry?

  20. 20

    Which one of the following statements about the function of money is wrong?

Created by councilforeconed

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councilforeconed
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