Economics quiz

More questions about Economics

These visible examples show the question style. LearnClash turns the full topic into ranked duels and spaced repetition.

1. 1 Easy

   Under standard economic principles, which law states higher prices reduce quantity demanded?

   Answer: Law of demand

   Why: Rare exceptions known as Veblen goods see demand increase with higher prices because high cost signals prestige.

2. 2 Medium

   What pricing strategy charges high at launch then drops over time?

   Answer: Price skimming

   Why: Apple skimmed the first iPhone: the 8GB model was 599 dollars in June 2007 and 399 by September, with 100 dollars back for early buyers.

3. 3 Hard

   Which country did a 2022 World Bank report rank most unequal worldwide?

   Answer: South Africa

   Why: In the World Bank's latest Gini data, Namibia ranks first at 59.1, while South Africa's 2022 survey puts it fifth at 54.1.

4. 4 Easy

   What term describes how easily an asset turns into cash?

   Answer: Liquidity

   Why: Physical cash represents perfect liquidity because it requires no time, fee, or market transaction to be spent.

5. 5 Medium

   Who was the first woman to win the Nobel Prize in Economics?

   Answer: Elinor Ostrom

   Why: Ostrom shared the 2009 award with Oliver Williamson and came to it as a political scientist rather than a trained economist.

6. 6 Hard

   Which housing or construction measure is a leading economic indicator?

   Answer: building permits

   Why: Permits sit among the ten components of The Conference Board's US Leading Economic Index, one to two months ahead of the actual housing starts.