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Economics Basic Concepts – Quiz Set 2

Last updated on 2026-02-07

Three 10-question bundles from our Economics Basic Concepts quiz library.

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Table of contents

  1. Set 1: Economics – Set 1
  2. Set 2: Economics – Set 2
  3. Set 3: Economics – Set 3

Bundle 1

Economics – Set 1

Bundle ID: 1200000003

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1

Store of value refers to:

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2

Unit of account refers to:

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3

Which factor of production matches: natural resources used in production?

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4

Which factor of production matches: human effort used to produce goods and services?

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5

Which factor of production matches: tools, machines, and equipment used in production?

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6

Which factor of production matches: organizing resources and bearing risk?

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7

A market with many firms selling identical products is called:

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8

A market with a single seller with no close substitutes is called:

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9

A market with many firms selling differentiated products is called:

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10

A market with a few large firms dominate the market is called:

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Bundle 2

Economics – Set 2

Bundle ID: 1200000004

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1

A movement along the demand curve is caused by:

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2

A movement along the supply curve is caused by:

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3

Income rises and coffee is a normal good. What happens to demand for coffee?

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4

The price of a close substitute for coffee rises. What happens to demand for coffee?

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5

A key input cost for coffee increases. What happens to supply of coffee?

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6

Income rises and bread is a normal good. What happens to demand for bread?

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7

The price of a close substitute for bread rises. What happens to demand for bread?

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8

A key input cost for bread increases. What happens to supply of bread?

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9

Income rises and smartphones is a normal good. What happens to demand for smartphones?

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10

The price of a close substitute for smartphones rises. What happens to demand for smartphones?

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Bundle 3

Economics – Set 3

Bundle ID: 1200000005

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1

A key input cost for smartphones increases. What happens to supply of smartphones?

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2

Income rises and bus rides is a normal good. What happens to demand for bus rides?

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3

The price of a close substitute for bus rides rises. What happens to demand for bus rides?

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4

A key input cost for bus rides increases. What happens to supply of bus rides?

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5

Income rises and movie tickets is a normal good. What happens to demand for movie tickets?

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6

The price of a close substitute for movie tickets rises. What happens to demand for movie tickets?

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7

A key input cost for movie tickets increases. What happens to supply of movie tickets?

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8

Income rises and bottled water is a normal good. What happens to demand for bottled water?

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9

The price of a close substitute for bottled water rises. What happens to demand for bottled water?

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10

A key input cost for bottled water increases. What happens to supply of bottled water?

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