In economics, what is the benefit a consumer receives above the price they pay called?
Answer
Consumer surplus
80 Economics Basics Trivia Questions with Answers
80 public questions with answers, drawn from the well. How many can you answer?
What type of unemployment results from workers moving between jobs or entering the labor market?
Answer
Frictional unemployment
In economics, what market outcome occurs when quantity supplied equals quantity demanded?
Answer
Market equilibrium
In economics, what is the value of the best alternative forgone when making a choice called?
Answer
Opportunity cost
In economics, what market structure has many sellers offering identical products with free entry and exit?
Answer
Perfect competition
In economics, what measure shows the percentage change in quantity demanded after a one-percent price change?
Answer
Price elasticity of demand
In economics, what is the market value of all final goods and services produced within a country during a period called?
Answer
Gross domestic product
In economics, what does GDP measure?
Answer
The value of final goods and services produced domestically
Which index is widely used to measure changes in the prices paid by U.S. urban consumers?
Answer
Consumer Price Index
What is the opportunity cost of an economic choice?
Answer
The next-best alternative forgone