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Principles of Economics Quiz: 50 Key Questions & Answers | Microeconomics | Trường Đại học Quốc tế, Đại học Quốc gia Thành phố Hồ Chí Minh

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Mai Nguyệt

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Principles of Economics – Part I Quiz (50

Questions)

1. 1. What is the first principle of economics?

 A. People respond to incentives

 B. Trade can make everyone better off

 C. People face trade-offs

 D. Governments can always improve market outcomes

Answer: C✅

2. 2. What does the concept of 'opportunity cost' describe?

 A. Money lost in failed investments

 B. The direct price of a product

 C. What you give up to get something else

 D. The income effect

Answer: C✅

3. 3. Rational people think:

 A. About the total cost only

 B. At the margin

 C. In extreme scenarios

 D. With emotion

Answer: B✅

4. 4. What is a common incentive in markets?

 A. Taxation

 B. Prices

 C. Government intervention

 D. Regulations

Answer: B✅

5. 5. Trade:

 A. Always benefits the seller

 B. Allows people to specialize

 C. Harms developing countries

 D. Increases costs for everyone

Answer: B✅

6. 6. Who usually organizes economic activity in a market economy?

 A. The government

 B. A central planner

 C. Millions of firms and households

 D. International institutions

Answer: C✅

7. 7. What does the 'invisible hand' refer to?

 A. The role of government in pricing

 B. Market forces guiding self-interest

 C. Unseen taxes

 D. Corruption in trade

Answer: B✅

8. 8. A government can improve market outcomes when:

 A. Property rights are not enforced

 B. Taxes are eliminated

 C. Competition is perfect

 D. Prices are flexible

Answer: A✅

9. 9. What determines a country's standard of living?

 A. The amount of government subsidies

 B. The inflation rate

 C. Its productivity

 D. Size of population

Answer: C✅

10. 10. What is the short-run trade-off society faces?

 A. Growth vs. interest rates

 B. Inflation vs. unemployment

 C. Taxes vs. trade

 D. Saving vs. investment

Answer: B✅

11. 11. Economics is a:

 A. Normative science

 B. Positive science

 C. Social science

 D. Theoretical discipline only

Answer: C✅

12. 12. The scientific method in economics involves:

 A. Laws and legislation

 B. Guesswork and assumptions

 C. Observation, theory, and testing

 D. Historical analogies

Answer: C✅

13. 13. A key assumption in economic models is:

 A. Infinite resources

 B. Zero cost

 C. Ceteris paribus (other things equal)

 D. Random behavior

Answer: C✅

14. 14. In the circular-flow diagram, firms:

 A. Consume goods

 B. Buy goods from households

 C. Sell goods and buy factors

 D. Save money

Answer: C✅

15. 15. What does the Production Possibilities Frontier (PPF) show?

 A. How resources are taxed

 B. Income distribution

 C. Efficiency and trade-offs

 D. Demand curves

Answer: C✅

16. 16. A point inside the PPF indicates:

 A. Efficiency

 B. Unemployment or underuse of resources

 C. Economic boom

 D. Impossibility

Answer: B✅

17. 17. Microeconomics focuses on:

 A. GDP and inflation

 B. Government policy

 C. Households and firms

 D. Entire economies

Answer: C✅

18. 18. Positive statements:

 A. Describe the world as it is

 B. Include value judgments

 C. Should be avoided

 D. Can’t be tested

Answer: A✅

19. 19. Normative statements:

 A. Are factual

 B. Are opinions on what should be

 C. Are always true

 D. Are based on past data

Answer: B✅

20. 20. Economists may disagree due to:

 A. Different salaries

 B. Political affiliations only

 C. Scientific judgments and values

 D. Different universities

Answer: C✅

21. 21. Which concept explains why people specialize?

 A. Absolute advantage

 B. Productivity

 C. Comparative advantage

 D. Opportunity cost only

Answer: C✅

22. 22. Who should specialize in producing a good?

 A. The one with the highest output

 B. The one with the absolute advantage

 C. The one with the lower opportunity cost

 D. The government

Answer: C✅

23. 23. What is the main benefit of trade?

 A. Lower prices

 B. Greater competition

 C. Access to international aid

 D. Greater total consumption

Answer: D✅

24. 24. Absolute advantage refers to:

 A. Producing at the lowest cost

 B. Producing more with fewer inputs

 C. Having more resources

 D. Government subsidies

Answer: B✅

25. 25. A country that trades based on comparative advantage will:

 A. Import all goods

 B. Have unemployment

 C. Consume beyond its PPF

 D. Reduce efficiency

Answer: C✅

26. 26. Specialization increases:

 A. Prices

 B. Economic efficiency

 C. Tariffs

 D. Income inequality

Answer: B✅

27. 27. If one person has an absolute advantage in both goods, trade:

 A. Is not possible

 B. Can still be beneficial

 C. Becomes zero-sum

 D. Hurts the weaker party

Answer: B✅

28. 28. Trade-offs occur because:

 A. Resources are scarce

 B. Markets fail

 C. Governments regulate

 D. People save money

Answer: A✅

29. 29. The price of a trade must lie:

 A. Below opportunity cost

 B. Between opportunity costs of the two parties

 C. Above market price

 D. Equal to absolute cost

Answer: B✅

30. 30. If the U.S. has a comparative advantage in airplanes, it should:

 A. Import airplanes

 B. Ban other producers

 C. Specialize in airplane production

 D. Subsidize cars

Answer: C✅

31. 31. In economics, marginal changes are:

 A. Irrelevant decisions

 B. Large and sudden changes

 C. Small incremental adjustments

 D. The total cost difference

Answer: C✅

32. 32. What is a common effect of inflation?

 A. Reduced employment

 B. Lower government spending

 C. Increase in the overall price level

 D. Increased productivity

Answer: C✅

33. 33. Who makes the majority of economic decisions in a market economy?

 A. Central authority

 B. Government agencies

 C. Households and firms

 D. International banks

Answer: C✅

34. 34. An incentive is:

 A. A moral obligation

 B. A reward or penalty motivating behavior

 C. Always monetary

 D. Only used in government policy

Answer: B✅

35. 35. Which of the following is an example of a positive statement?

 A. The government should reduce unemployment

 B. Inflation is worse than unemployment

 C. The inflation rate is 5% this year

 D. We ought to raise taxes on the rich

Answer: C✅

36. 36. The circular-flow diagram shows:

 A. The tax structure of a country

 B. The relationship between GDP and interest rates

 C. Economic transactions between households and firms

 D. All possible production combinations

Answer: C✅

37. 37. A normative statement is:

 A. Based on facts only

 B. Testable by data

 C. Descriptive

 D. Based on opinions about what should be

Answer: D✅

38. 38. The Production Possibilities Frontier assumes:

 A. No opportunity costs

 B. Fixed resources and technology

 C. Unlimited output

 D. Increasing prices

Answer: B✅

39. 39. Movement along the PPF represents:

 A. Changing technology

 B. Efficient trade-offs

 C. Unemployment

 D. Externalities

Answer: B✅

40. 40. Trade allows each person to:

 A. Be self-sufficient

 B. Consume beyond their own production capacity

 C. Increase inflation

 D. Rely less on others

Answer: B✅

41. 41. What makes specialization and trade possible?

 A. Similar opportunity costs

 B. Different opportunity costs

 C. Equal resources

 D. Government planning

Answer: B✅

42. 42. Economics is primarily the study of:

 A. How to eliminate scarcity

 B. Decision-making under conditions of scarcity

 C. Distribution of unlimited resources

 D. Government revenue systems

Answer: B✅

43. 43. Which of the following is NOT one of the Ten Principles of Economics?

 A. Governments can always fix market outcomes

 B. People respond to incentives

 C. Prices rise when governments print too much money

 D. Trade can make everyone better off

Answer: A✅

44. 44. Gains from trade are based on:

 A. Moral advantage

 B. Comparative advantage

 C. Absolute production level

 D. GDP growth

Answer: B✅

45. 45. The economic definition of efficiency is:

 A. Maximum government control

 B. Minimum cost for maximum output

 C. Maximizing output from given resources

 D. Balanced taxation

Answer: C✅

46. 46. The role of assumptions in economic models is to:

 A. Reflect real-world complexity

 B. Simplify the world to improve understanding

 C. Confuse beginners

 D. Ignore opportunity costs

Answer: B✅

47. 47. A country should export goods for which it has:

 A. No demand

 B. High opportunity cost

 C. Comparative advantage

 D. Absolute disadvantage

Answer: C✅

48. 48. Economic models such as the PPF and circular-flow are:

 A. Exact copies of real economies

 B. Useful simplifications

 C. Incomplete and not used

 D. Designed only for academics

Answer: B✅

49. 49. Which of the following best illustrates thinking at the margin?

 A. Quitting school entirely

 B. Deciding whether to study one more hour

 C. Saving all your income

 D. Investing in two businesses simultaneously

Answer: B✅

50. 50. Which of the following would shift a country's PPF outward?

 A. Increase in consumer spending

 B. Technological innovation

 C. Decrease in working hours

 D. More imports

Answer: B✅

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Principles of Economics – Part I Quiz (50 Questions)
1. 1. What is the first principle of economics? 
A. People respond to incentives 
B. Trade can make everyone better off  C. People face trade-offs 
D. Governments can always improve market outcomes ✅ Answer: C
2. 2. What does the concept of 'opportunity cost' describe? 
A. Money lost in failed investments 
B. The direct price of a product 
C. What you give up to get something else  D. The income effect ✅ Answer: C 3. 3. Rational people think:  A. About the total cost only  B. At the margin  C. In extreme scenarios  D. With emotion ✅ Answer: B
4. 4. What is a common incentive in markets?  A. Taxation  B. Prices  C. Government intervention  D. Regulations ✅ Answer: B 5. 5. Trade:  A. Always benefits the seller  B. Allows people to specialize  C. Harms developing countries 
D. Increases costs for everyone ✅ Answer: B
6. 6. Who usually organizes economic activity in a market economy?  A. The government  B. A central planner 
C. Millions of firms and households  D. International institutions ✅ Answer: C
7. 7. What does the 'invisible hand' refer to? 
A. The role of government in pricing 
B. Market forces guiding self-interest  C. Unseen taxes  D. Corruption in trade ✅ Answer: B
8. 8. A government can improve market outcomes when: 
A. Property rights are not enforced  B. Taxes are eliminated  C. Competition is perfect  D. Prices are flexible ✅ Answer: A
9. 9. What determines a country's standard of living? 
A. The amount of government subsidies  B. The inflation rate  C. Its productivity  D. Size of population ✅ Answer: C
10. 10. What is the short-run trade-off society faces?  A. Growth vs. interest rates  B. Inflation vs. unemployment  C. Taxes vs. trade  D. Saving vs. investment ✅ Answer: B 11. 11. Economics is a:  A. Normative science  B. Positive science  C. Social science  D. Theoretical discipline only ✅ Answer: C
12. 12. The scientific method in economics involves:  A. Laws and legislation  B. Guesswork and assumptions 
C. Observation, theory, and testing  D. Historical analogies ✅ Answer: C
13. 13. A key assumption in economic models is:  A. Infinite resources  B. Zero cost 
C. Ceteris paribus (other things equal)  D. Random behavior ✅ Answer: C
14. 14. In the circular-flow diagram, firms:  A. Consume goods  B. Buy goods from households  C. Sell goods and buy factors  D. Save money ✅ Answer: C
15. 15. What does the Production Possibilities Frontier (PPF) show?  A. How resources are taxed  B. Income distribution  C. Efficiency and trade-offs  D. Demand curves ✅ Answer: C
16. 16. A point inside the PPF indicates:  A. Efficiency 
B. Unemployment or underuse of resources  C. Economic boom  D. Impossibility ✅ Answer: B
17. 17. Microeconomics focuses on:  A. GDP and inflation  B. Government policy  C. Households and firms  D. Entire economies ✅ Answer: C 18. 18. Positive statements:  A. Describe the world as it is  B. Include value judgments  C. Should be avoided  D. Can’t be tested ✅ Answer: A 19. 19. Normative statements:  A. Are factual 
B. Are opinions on what should be  C. Are always true  D. Are based on past data ✅ Answer: B
20. 20. Economists may disagree due to:  A. Different salaries  B. Political affiliations only 
C. Scientific judgments and values  D. Different universities ✅ Answer: C
21. 21. Which concept explains why people specialize?  A. Absolute advantage  B. Productivity  C. Comparative advantage  D. Opportunity cost only ✅ Answer: C
22. 22. Who should specialize in producing a good? 
A. The one with the highest output 
B. The one with the absolute advantage 
C. The one with the lower opportunity cost  D. The government ✅ Answer: C
23. 23. What is the main benefit of trade?  A. Lower prices  B. Greater competition  C. Access to international aid  D. Greater total consumption ✅ Answer: D
24. 24. Absolute advantage refers to: 
A. Producing at the lowest cost 
B. Producing more with fewer inputs  C. Having more resources  D. Government subsidies ✅ Answer: B
25. 25. A country that trades based on comparative advantage will:  A. Import all goods  B. Have unemployment  C. Consume beyond its PPF  D. Reduce efficiency ✅ Answer: C
26. 26. Specialization increases:  A. Prices  B. Economic efficiency  C. Tariffs  D. Income inequality ✅ Answer: B
27. 27. If one person has an absolute advantage in both goods, trade:  A. Is not possible  B. Can still be beneficial  C. Becomes zero-sum  D. Hurts the weaker party ✅ Answer: B
28. 28. Trade-offs occur because:  A. Resources are scarce  B. Markets fail  C. Governments regulate  D. People save money ✅ Answer: A
29. 29. The price of a trade must lie:  A. Below opportunity cost 
B. Between opportunity costs of the two parties  C. Above market price  D. Equal to absolute cost ✅ Answer: B
30. 30. If the U.S. has a comparative advantage in airplanes, it should:  A. Import airplanes  B. Ban other producers 
C. Specialize in airplane production  D. Subsidize cars ✅ Answer: C
31. 31. In economics, marginal changes are:  A. Irrelevant decisions  B. Large and sudden changes 
C. Small incremental adjustments  D. The total cost difference ✅ Answer: C
32. 32. What is a common effect of inflation?  A. Reduced employment  B. Lower government spending 
C. Increase in the overall price level  D. Increased productivity ✅ Answer: C
33. 33. Who makes the majority of economic decisions in a market economy?  A. Central authority  B. Government agencies  C. Households and firms  D. International banks ✅ Answer: C 34. 34. An incentive is:  A. A moral obligation 
B. A reward or penalty motivating behavior  C. Always monetary 
D. Only used in government policy ✅ Answer: B
35. 35. Which of the following is an example of a positive statement? 
A. The government should reduce unemployment 
B. Inflation is worse than unemployment 
C. The inflation rate is 5% this year 
D. We ought to raise taxes on the rich ✅ Answer: C
36. 36. The circular-flow diagram shows: 
A. The tax structure of a country 
B. The relationship between GDP and interest rates 
C. Economic transactions between households and firms 
D. All possible production combinations ✅ Answer: C
37. 37. A normative statement is:  A. Based on facts only  B. Testable by data  C. Descriptive 
D. Based on opinions about what should be ✅ Answer: D
38. 38. The Production Possibilities Frontier assumes:  A. No opportunity costs 
B. Fixed resources and technology  C. Unlimited output  D. Increasing prices ✅ Answer: B
39. 39. Movement along the PPF represents:  A. Changing technology  B. Efficient trade-offs  C. Unemployment  D. Externalities ✅ Answer: B
40. 40. Trade allows each person to:  A. Be self-sufficient 
B. Consume beyond their own production capacity  C. Increase inflation  D. Rely less on others ✅ Answer: B
41. 41. What makes specialization and trade possible?  A. Similar opportunity costs  B. Different opportunity costs  C. Equal resources  D. Government planning ✅ Answer: B
42. 42. Economics is primarily the study of:  A. How to eliminate scarcity 
B. Decision-making under conditions of scarcity 
C. Distribution of unlimited resources  D. Government revenue systems ✅ Answer: B
43. 43. Which of the following is NOT one of the Ten Principles of Economics? 
A. Governments can always fix market outcomes 
B. People respond to incentives 
C. Prices rise when governments print too much money 
D. Trade can make everyone better off ✅ Answer: A
44. 44. Gains from trade are based on:  A. Moral advantage  B. Comparative advantage  C. Absolute production level  D. GDP growth ✅ Answer: B
45. 45. The economic definition of efficiency is:  A. Maximum government control 
B. Minimum cost for maximum output 
C. Maximizing output from given resources  D. Balanced taxation ✅ Answer: C
46. 46. The role of assumptions in economic models is to: 
A. Reflect real-world complexity 
B. Simplify the world to improve understanding  C. Confuse beginners  D. Ignore opportunity costs ✅ Answer: B
47. 47. A country should export goods for which it has:  A. No demand  B. High opportunity cost  C. Comparative advantage  D. Absolute disadvantage ✅ Answer: C
48. 48. Economic models such as the PPF and circular-flow are: 
A. Exact copies of real economies  B. Useful simplifications  C. Incomplete and not used  D. Designed only for academics ✅ Answer: B
49. 49. Which of the following best illustrates thinking at the margin?  A. Quitting school entirely 
B. Deciding whether to study one more hour  C. Saving all your income 
D. Investing in two businesses simultaneously ✅ Answer: B
50. 50. Which of the following would shift a country's PPF outward? 
A. Increase in consumer spending  B. Technological innovation  C. Decrease in working hours  D. More imports ✅ Answer: B

Principles of Economics Quiz: 50 Key Questions & Answers | Microeconomics | Trường Đại học Quốc tế, Đại học Quốc gia Thành phố Hồ Chí Minh

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