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Micro & Macro Economics Quiz Questions
A sample of the 10 questions below — instant scoring and an explanation for every answer. No sign-in required to play.
Question 1
According to the law of demand, as the price of a good increases, what typically happens to quantity demanded?
AIt decreases
BIt increases
CIt stays the same
DIt becomes infinite
Question 2
What term describes how responsive quantity demanded is to a change in price?
AMarginal utility
BPrice elasticity of demand
CConsumer surplus
DOpportunity cost
Question 3
What term refers to the total value of goods and services produced within a country in a year?
AConsumer Price Index
BBalance of Trade
CGross Domestic Product
DFiscal Deficit
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