by alex
Dive into the intricate world of economics, where supply meets demand and markets dictate trends. This quiz is designed to challenge your grasp of economic concepts, from basic principles to complex theories. Sharpen your analytical skills and see how well you understand the forces that shape our global economy. Good luck, and may your economic insights be sharp!
Economics Quiz Questions Overview
1. What is the primary objective of monetary policy?
Control inflation
Increase government spending
Reduce unemployment
Regulate international trade
2. Which economic principle describes the benefit lost when one alternative is chosen over another?
Opportunity cost
Marginal cost
Sunk cost
Fixed cost
3. What does GDP stand for?
Gross Domestic Product
General Domestic Price
Gross Development Plan
General Development Policy
4. Which market structure is characterized by a single seller?
Monopoly
Oligopoly
Perfect competition
Monopolistic competition
5. What is the law of demand?
As price increases, quantity demanded decreases
As price increases, quantity demanded increases
As supply increases, quantity demanded decreases
As supply decreases, quantity demanded increases
6. Which of the following is a characteristic of a perfectly competitive market?
Many buyers and sellers
Few buyers and sellers
Single seller
Government regulation
7. What is fiscal policy primarily concerned with?
Government spending and taxation
Interest rates
Money supply
Exchange rates
8. What is the term for a sustained increase in the general price level of goods and services?
Inflation
Deflation
Stagflation
Recession
9. Which economic indicator measures the average change in prices over time that consumers pay for a basket of goods and services?
Consumer Price Index (CPI)
Producer Price Index (PPI)
Gross National Product (GNP)
Net National Product (NNP)
10. What is the term for the total market value of all final goods and services produced within a country in a given period?
Gross Domestic Product (GDP)
Net National Product (NNP)
Gross National Product (GNP)
National Income (NI)
