Economic Literacy Quiz

Test your economic literacy with this multiple-choice quiz! Read each question carefully and select the one correct answer below it. Once you’ve answered each question, click the “Submit” button at the bottom of the screen to see how you did. 

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typing on a calulator
When good weather in the Midwest increases the wheat harvest, the result is:(Required)
A person who uses a new idea to bring out a product or service to the marketplace is known as:(Required)
For most people, the largest portion of their personal income comes from:(Required)
What word would apply if the total dollar value of spending in the United States went up but the goods and services consumed remained just the same?(Required)
Think about the quantity of plums and apples that people want to buy in a market. If the price of plums doubled and the price of apples stayed the same, what would happen to these quantities?(Required)
If in an emergency the government sets a limit on the price that can be charged for gasoline (price ceiling), what is the most likely result?(Required)
If a government restricts the imports of sugar into a nation, who is likely to benefit?(Required)
Why do people in all societies have to make choices about how to use resources?(Required)
Which of the following would reduce inequality of income in the United States?(Required)