US Economics Major Test 1

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Author: TestGru Team (Education Specialist)

20 questions · All questions on one page

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University Major — Test 1 (Economics Major) University (Undergraduate Majors, USA) USA USA University Majors Curriculum

What is this test? for University Major review (University Major — Test 1 (Economics Major)), USA — University (Undergraduate Majors, USA) level, USA.
For University students (Undergraduate) in Test 1 (Economics Major) in the USA — is this your major?
Section: University Major — Test 1 (Economics Major) · Education: University (Undergraduate) · Part: University Major — Test 1 (Economics Major) · Country: USA

Economics is a fundamental social science examining the relationship between unlimited wants and scarce resources.

This test will help you assess your knowledge of micro- and macro-economics.

By solving this test of 20 questions, you can both test your knowledge and identify the topics you need to improve.

Question 1

What is profit?

A) Gain over cost

B) Loss

C) Break even

D) No sales

Question 2

What is a stock?

A) Bond

B) Company share

C) Loan

D) Bill

Question 3

What is target market?

A) Everyone

B) No buyers

C) Intended buyers

D) Sellers

Question 4

What is fiscal policy?

A) Court rulings

B) Trade deals

C) Money printing

D) Tax-spend management

Question 5

What is finance?

A) Money management

B) Making goods

C) Hiring staff

D) Selling only

Question 6

Which of the following best defines inflation?

A) Falling prices

B) Rising prices

C) Flat wages

D) High taxes

Question 7

Which of the following best defines a balance sheet?

A) Movie

B) Letter

C) Snapshot finances

D) Ad

Question 8

Which of the following best defines microeconomics?

A) Whole economy

B) No study

C) World trade

D) Small-unit study

Question 9

Which of the following best defines accounting?

A) Recording finances

B) Selling goods

C) Hiring staff

D) Making ads

Question 10

Which of the following best defines a budget?

A) Tax bill

B) Spending plan

C) Bank loan

D) Savings jar

Question 11

Which of the following best defines supply and demand?

A) Fixed prices

B) No market

C) Price-setting forces

D) Government sets

Question 12

Which of the following best defines SWOT?

A) No analysis

B) Numbers only

C) One factor

D) Strengths weaknesses opportunities threats

Question 13

Which of the following best defines interest?

A) Borrowing cost

B) Free money

C) Savings gift

D) Tax refund

Question 14

Which of the following best defines management?

A) No planning

B) Planning leading organizing

C) Workers only

D) Selling only

Question 15

Which of the following best defines branding?

A) No identity

B) Copying all

C) Identity building

D) Low prices

Question 16

What best defines a startup?

A) Old firm

B) No business

C) Franchise only

D) New venture

Question 17

Which of the following best defines market research?

A) Customer study

B) No study

C) Guessing

D) Copying rivals

Question 18

What best defines a monopoly?

A) Many sellers

B) Single seller

C) No sellers

D) Buyer group

Question 19

What best defines leadership?

A) Ordering only

B) No people

C) Guiding people

D) Doing all

Question 20

What best defines macroeconomics?

A) One firm

B) No study

C) Households only

D) Whole-economy study

US Economics Major Test 1

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