Statistics for Economics Trivia

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Question	Answer	% Correct
What is it called when supply and demand are equal	equilibrium	97%
What is equal to revenue minus cost?	profit	93%
There is a general rise in prices and the value of money goes down. What is this phenomenon called?	Inflation	92%
As the price goes up, quantity demanded goes?	Down	90%
What is a monopoly?	One producer of a product controlling the price	83%
What is GDP?	Goods and services produced in a year	78%
What type of model is it when there are infinite producers?	Pure market	73%
As the demand goes up, competition goes?	up	68%
Which of these is not a major question of economics	Why should I make it?	56%
What happens to consumer spending if there is a tax cut?	Goes up	43%