QUIZ: Can You Get 10/10 On This Simple Economics Test?

Economics is the study of how individuals and societies manage resources to meet their needs and desires, which makes it an essential topic for everyone. So, we’ll be testing your Economics knowledge with this simple quiz.

Are you ready?

What is inflation?
A decrease in the general price level
An increase in the general price level
Stable prices over time
An increase in the value of money

Correct!

Wrong!

Which agency is responsible for collecting taxes in Nigeria?
NAFDAC (National Agency for Food and Drug Administration and Control)
FIRS (Federal Inland Revenue Service)
NERC (Nigerian Electricity Regulatory Commission)
NNPC (Nigerian National Petroleum Corporation)

Correct!

Wrong!

In economics, the "law of demand" states that:
As the price of a good increases, the quantity demanded decreases
As the price of a good increases, the quantity demanded increases
As the price of a good decreases, the quantity demanded decreases
As the price of a good decreases, the quantity demanded increases

Correct!

Wrong!

Which economic term refers to the total value of goods and services produced within a country's borders in a given year?
Trade balance
Exchange rate
Gross Domestic Product
Budget deficit

Correct!

Wrong!

What is the main goal of the Nigerian Stock Exchange (NSE)?
Regulating the banking sector
Promoting tourism
Facilitating the buying and selling of securities
Managing agricultural production

Correct!

Wrong!

What does "opportunity cost" mean in economics?
The cost of luxury goods
The value of the best alternative foregone when a choice is made
The total cost of production
The cost of living

Correct!

Wrong!

In Economics, what does the term "monopoly" refer to?
A market structure with many small firms
A market with no government regulations
A market with perfect competition
A single seller dominating a market

Correct!

Wrong!

Which of the following is an example of human capital?
Skilled workers
Oil reserves
Farmland
A factory

Correct!

Wrong!

When the CBN increases the interest rate, what effect does it generally have on saving and spending?
It encourages more saving and reduced spending.
It discourages saving and increased spending.
It has no impact on saving and spending.
It stimulates investment in the stock market.

Correct!

Wrong!

In Economics, what is the term for a government's total expenditure exceeding its total revenue in a given fiscal year?
Budget surplus
Budget deficit
National debt
Trade surplus

Correct!

Wrong!

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QUIZ: Can You Get 10/10 On This Simple Economics Test?

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