Economics trivia

475 Economics trivia questions, no sign-in. Review your misses in the LoreUp app.

• What is it called when more people want to buy something simply because many others are buying it?Supply, demand and price
• Which change shifts the supply curve itself to the right?Supply, demand and price
• What kind of good sees its demand rise by more than 10% when income rises by 10%?Supply, demand and price
• If each price rises by the same 10%, which product's sales are likely to fall the most?Supply, demand and price
• Raising fares when riders crowd in, as on a rainy evening commute, and lowering them when things are quiet: what is this strategy of changing prices constantly with demand called?Supply, demand and price
• When people say a seller 'can name their price', they mean goods are piling up and buyers can set the price as they like.Supply, demand and price
• A shop that marks its prices in advance and sells only at those prices is following a fixed-price, no-haggling policy.Supply, demand and price
• By convention, supply-and-demand graphs put price on the horizontal axis and quantity on the vertical axis.Supply, demand and price
• For a good with inelastic demand, raising the price increases sales revenue.Supply, demand and price
• When chicken gets pricier and people buy less of it, the demand curve for chicken itself has shifted to the left.Supply, demand and price
• The Engel coefficient, the share of household spending that goes on food, is higher the better off a household is.Supply, demand and price
• In economics, 'demand' means a desire to buy that is backed by the money to pay for it.Supply, demand and price
• Because harvests swing with the weather, the prices of farm produce tend to fluctuate a lot.Supply, demand and price
• If the price of flour rises sharply, bakeries that make bread from flour will supply more bread.Supply, demand and price
• Pricing something at $9.99 rather than $10 is a strategy meant to make it feel cheaper than it really is.Supply, demand and price
• What is the collective term for buildings such as flats and low-rise blocks where several households live independently under one roof?Real estate
• Which project clears a whole district — old houses, narrow alleys and even the water mains — and builds it anew?Real estate
• Which product does a tenant take out in advance so that an agency repays the deposit if the landlord cannot?Real estate
• What is the step that lets buyers of a new flat check the workmanship before they move in?Real estate
• Which building is widely lived in but classed as a business facility under Korea's building code?Real estate
• What is the share of the sale price that a jeonse deposit accounts for called?Real estate
• Which lease arrangement lowers the jeonse deposit and adds a payment every month on top?Real estate
• What do you call the price an owner puts on a home they want to sell?Real estate
• What is the space inside your own front door, used by your household alone, called?Real estate
• What is the monthly charge that shares out cleaning, security and lift upkeep in an apartment block?Real estate
• In Korea the brokerage fee is a flat amount, the same everywhere no matter what the property sells for.Real estate
• Under jeonse, the deposit left with the landlord comes back when the lease ends.Real estate
• Korea's official transaction-price system lists the prices owners are asking for their homes.Real estate
• Supply area is the exclusive-use area plus shared residential space such as corridors and stairs.Real estate
• The higher the deposit runs against the sale price, the harder it becomes to get the whole deposit back once prices fall.Real estate
• Unlike flats, officetels leave corridors and stairs out of the advertised area, so the figure quoted is the space you actually use.Real estate
• Every household in an apartment block pays exactly the same maintenance charge, whatever the floor area.Real estate
• Buying a property is not renting it — ownership itself changes hands.Real estate
• The pyeong, the unit Koreans commonly use for floor area, is about one square metre.Real estate
• When you buy a newly built flat off plan in Korea, you usually pay a down payment first and then interim payments and a final balance.Real estate
• What do we call a bank's earnings from the gap between the rate it charges to lend and the rate it pays to hold deposits?Interest rates
• Which does not belong among a central bank's monetary policy tools?Monetary policy and central banks
• Which measure is an example of fiscal policy?Fiscal policy and taxation
• Which is the clearest example of a public good?Market failure and asymmetry
• What do we call a tax where the person who pays it and the person who really bears it are different?Tax
• What do we call the taxes collected by local governments and spent on running the local area?Tax
• Income tax is the tax paid on the income a person earns.Tax
• A tax where the person who pays it and the person who really bears it are different is called an indirect tax.Tax
• Which tax is paid on the income earned from work?Tax
• The price set at the point where quantity demanded equals quantity supplied is called the equilibrium price.Supply, demand and price
• What do we call the side of a market that wants to buy?Supply, demand and price
• What do we call the price set at the point where quantity demanded equals quantity supplied?Supply, demand and price
• Monetary policy tries to steady the economy by adjusting the amount of money in circulation or the interest rate.Monetary policy and central banks
• Which policy tries to steady the economy by adjusting the amount of money in circulation or the interest rate?Monetary policy and central banks
• What do we call a situation in which leaving things to the market does not allocate resources efficiently?Market failure and asymmetry
• What do we call the property whereby people who paid nothing are hard to keep from using something?Market failure and asymmetry
• As a rule the lending rate is higher than the deposit rate.Interest rates
• What do we call the rate of interest attached to borrowing money or leaving it on deposit?Interest rates
• An FTA is an agreement between countries to lower or remove tariffs on each other.Trade and the balance of payments
• What do we call selling a country's goods abroad?Trade and the balance of payments
• Which social insurance lowers what a patient pays themselves for hospital treatment?Insurance
• Which social insurance compensates you when work injures you or makes you ill?Insurance
• An interest rate means the rate of interest attached to borrowing money or leaving it on deposit.Interest rates
• Which body surveys and publishes the consumer price index in Korea?Prices and inflation
• A general fall in prices is called inflation.Prices and inflation