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Economics MCQs quiz test questions with answers. Basic Economics Quiz. Answers to these economics questions are given after the fifth quiz.

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1. Inputs are combined with technology to produce outputs. The fundamental inputs (also called factors of production) are
(A) land and capital
(B) land and labor
(C) land, labor, and capital
(D) land, labor, capital, and investment

2. Goods produced to produce yet other goods is called
(A) final goods
(B) capital
(C) investment
(D) resources

3. Which economic term is used to represent inequality in income distribution?
(A) GDP
(B) GNP
(C) Gini
(D) HDI

4. The value of the good or service forgone by choosing another investment is called
(A) opportunity cost
(B) purchasing power parity
(C) disposable income
(D) consumer price index

5. The central role of markets is to determine the
(A) quality of goods
(B) quantity of goods
(C) level of income
(D) price of goods

ANSWERS: ECONOMICS MCQ
1. (C) land, labor, and capital
2. (B) capital
3. (C) Gini
4. (A) opportunity cost
5. (D) price of goods. Next Questions