Economics Unit 1 Quiz

10 quick questions to help aid revision for the unit 1 exam.

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1. What is the basic economic problem?

  • Incomes are decreasing which means people suffer from a worse quality of life.
  • Resources are scarce but wants are unlimited.
  • There is not enough jobs to provide the world
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Other questions in this quiz

2. What is income elasticity of demand?

  • How much a person earns in a year.
  • A measure of the responsiveness of demand to a change in income.
  • A measure of the responsiveness of demand for one good to a change in the price of another good.

3. An example of a merit good is:

  • Christmas trees
  • Health care
  • Supermarkets

4. Public goods are:

  • Non-rival and non-excludable
  • Non-rival but excludable
  • Rival and excludable

5. The demand curve shows:

  • Whether a firm is making a profit
  • How much people are willing and able to buy at each price
  • How much suppliers are willing to supply at each price



Thanks so helpful


Thank you Luke :)

Scott MacHenry

Very good, thanks!

Pyotr Ilyich Tchaikovsky


Chloe Ward

Really helpful, thank you!


It's the night before my exam, this was helpful, thank you :)


great quiz!


10 quick questions to test your understanding. A further exercise would be to explain why your answer is correct.


Still good for unit 1 revision 5 years later

Heidi Anderson CSC

thanks babe - saved my day 

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