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Economics is the study of how societies, governments, businesses, households, and individuals allocate their scarce resources. It is a broad field that encompasses microeconomics, macroeconomics, and international economics. There is a wide range of economics trivia questions that can be asked, whether you're an economics student or someone who is curious about the subject.
Here are some examples of economics trivia questions you might come across: Who developed the theory of comparative advantage? Who wrote "The Wealth of Nations"? What is the difference between GDP and GNP? What is the name of the theory that states that prices will reach equilibrium in a competitive market? These questions cover a wide range of economics concepts and theories, including microeconomics, macroeconomics, international trade and development economics.
In addition to the technical aspects of economics, there are also many fun and interesting facts to learn about. For example, did you know that Adam Smith, who wrote "The Wealth of Nations" in 1776, is considered the father of modern economics? Or that GDP (Gross Domestic Product) measures the value of all goods and services produced within a country's borders, while GNP (Gross National Product) measures the value of all goods and services produced by a country's residents, whether they are located in the country or abroad? These trivia questions will not only test your knowledge, but also give you a glimpse into the many fascinating aspects of economics and its impact on society and the world.
1. The elasticity of demand in a market has to be greater than what number in order for the demand to be considered elastic?
Answer: 1
2. In economics, the Laffer curve describes the relationship between the rate of which compulsory financial charge and the resulting revenue? According to Benjamin Franklin, only this financial charge and death are certainties in life.
Answer: Taxes
3. The common economics acronym DMU relates to the concept in which utility declines from each additional unit. What does DMU stand for?
Answer: Diminishing Marginal Utility
4. What is the term for the change in behavior by buyers or sellers in the market in response to a change in price for a good or service?
Answer: Elasticity
5. The Gini coefficient is a measure of statistical dispersion most often used in economics and policy to measure what?
Answer: Income distribution
6. AP offers placement tests for two types of economics: microeconomics and what other, chonkier type?
Answer: Macroeconomics
7. What type of "T" costs are those incurred during the process of buying or selling, on top of the price of whatever is being exchanged?
Answer: Transaction Costs
8. A CD is a savings instrument which typically earns more interest than a savings account but is bound by limits set within a contract. What does CD stand for?
Answer: Certificate of Deposit
9. What economics term is used to refer to people who aren't quite unemployed, but are working in a lower capacity than what they are qualified for? This typically includes a lower-paid job or fewer hours than desired.
Answer: Underemployed
10. Many foreign companies operate in the FTZs of Costa Rica. These are economic areas that are typically exempt from customs duties and receive other tax benefits. What does the term FTZ stand for?
Answer: Free Trade Zone
11. The word will probably make you think of a group of people that’s up to some dirty dealings—and that'd be pretty accurate. In economics, which term refers to the secretive (and often illegal) practice among companies that would usually be rivals deciding to work together to influence the market in their favor (for example, through price fixing)?
Answer: Collusion
12. What two word term refers to the total dollar market value of a company's outstanding shares?
Answer: Market Capitalization
13. Although colloquially used as a term to indicate that the unemployment rate is substantially higher than normal, an economist will tell you that the technical definition reflects two straight calendar quarters of negative growth of real GDP. What is the term?
Answer: Recession
14. Often attributed to a 1980 Virginia newspaper article as the source, the common acronym NIMBY holds what meaning related to local politics and anti-development tendencies?
Answer: Not in my backyard
15. Sadie Alexander was a civil rights activist of the early-to-mid twentieth century, and the first African-American to receive a PhD in what "E" field of study while in the United States?
Answer: Economics
16. Sequoia and Accel are both financial firms that are considered hallmark members of what sub-class of private equity investing?
Answer: Venture Capital
17. Increasingly popular as a way to attain exposure to a wider array of investments, the financial term ETF most often stands for what three words?
Answer: Exchange Traded Fund
18. According to FocusEconomics, which country, the only English speaking one in South America, will have the fastest growing economy in the world from 2022-2026?
Answer: Guyana
19. Also referred to as a "retrospective cost," what is the more common, four-letter name for a cost that has already been incurred and cannot be recovered?
Answer: Sunk cost
20. "A Rogue Economist Explores the Hidden Side of Everything" is the subtitle of what 2005 book that spawned a public interest in behavioral economics and led to multiple sequels and a long-running podcast?
Answer: Freakonomics
21. Economists Clément Juglar and later Joseph Schumpeter suggested four stages for an economic cycle: Expansion, Crisis, Recession, and what fourth stage?
Answer: Recovery
22. There's a three-word economic term abbreviated FoP that stands for the inputs needed to create a good or service, and was originally defined to include land, labor, and capital. What do these letters stand for?
Answer: Factors of Production
23. The paper currency in Botswana is named "pula" which translates to what natural phenomenon? This is a reference to the value of this phenomenon as much of the country is within the Kalahari Desert.
Answer: Rain
24. What is the name of the 1980 book by free-market economists Milton and Rose Friedman that was adapted into a popular ten-part miniseries on PBS?
Answer: Free to Choose
25. Which phrase is used to describe the unseen force that moves the economy toward the most efficient use of resources as a consequence of people and businesses in a free-market economy making financial choices that benefit them the most?
Answer: Invisible Hand
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