Economics Quiz
Test Your Economics Knowledge
Welcome to the Economics Quiz! This quiz is designed to help you assess your understanding of key economic concepts and terms. Whether you're a student, a teacher, or just someone interested in economics, this quiz offers a range of questions that will challenge your knowledge.
You will explore topics such as:
- The Primary Sector
- Demand Laws
- Economic Systems
- Global Economic Influence
What is the definition of the Primary Sector?
Retail Sales/Services
Manufacturing of raw resources
Extraction of raw resources
Society's system of roles and norms that govern the production, distribution and consumption of goods and services.
Economic Institution
Economic Balances
Economic Order
True/False The Preindustrial Industry focused on the secondary sector.
True
False
In Capitalism factors of production are owned by ______
The population
Individuals
The Government
Special Companies
True/False The Law of Demand states that consumers will demand more of a product as the price decreases and that consumers will demand less of a product as the price increases.
True
False
Socialism: Economic activity entirely controlled by the ______.
Individuals
Government
Groups of people
Special Companies
The twentieth century is sometimes called the American Century because the United States was the world's ________ nation for most of that period.
Most powerful
Weakest
Fastest Growing
Fastest Shrinking
Oligopoly, when ______ controls the majority of the economy
Small Companies
Big Companies
Individuals
Government
True/False Protectionism is the agreement between two countries to support each others economies if one falls.
True
False
The U.S. And many of its companies rely heavily on this product
Oil
Cotton
Wood
Concrete
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