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Key Economic Concepts Quiz
Key Economic Concepts · Hard
16 questions · Unlimited attempts · Free online practice
Economics helps us understand how people, businesses, and governments make choices when resources are limited. By learning key economic concepts, you can better understand prices,...
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All 16 questions in this Key Economic Concepts quiz
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Which economist proposed the theory of 'Comparative Advantage'?
- A. Adam Smith
- B. Thomas Malthus
- C. David Ricardo
- D. Karl Marx
-
What is 'Externalities'?
- A. Foreign debt
- B. Exports
- C. Side effects of production/consumption on third parties
- D. Outside trade
-
What is the term for inflation combined with slow economic growth?
- A. Stagflation
- B. Deflation
- C. Reflation
- D. Hyperinflation
-
What is 'Zero-sum game'?
- A. Everyone loses
- B. Everyone wins
- C. One's gain is another's loss
- D. No one plays
-
What is the term for a market with only one buyer?
- A. Duopoly
- B. Monopoly
- C. Monopsony
- D. Oligopoly
-
What is 'Zero-sum'?
- A. No one wins
- B. Lose-lose
- C. One person's gain is another's loss
- D. Win-win
-
What is 'Mercan'tilism'?
- A. A tax system
- B. Theory that wealth is increased by exports
- C. Local trade
- D. Free trade
-
What is the 'Laffer Curve' peak?
- A. Maximum tax rate
- B. Point of maximum tax revenue
- C. Point of zero tax
- D. Highest GDP point
-
What is 'Cartel'?
- A. A group of firms colluding to control prices
- B. A government agency
- C. A type of bank
- D. A legal business
-
Which measure includes foreign income?
- A. GDP
- B. CPI
- C. GNP
- D. PPP
-
Who wrote 'The General Theory of Employment, Interest and Money?
- A. Thomas Malthus
- B. Adam Smith
- C. John Maynard Keynes
- D. Milton Friedman
-
What is monetarism associated with?
- A. Friedman
- B. Smith
- C. Marshall
- D. Keynes
-
What is 'Moral Hazard'?
- A. Illegal trading
- B. A stock crash
- C. A bad investment
- D. Increased risk-taking when insured
-
What is 'Comparative Advantage'?
- A. Having more land
- B. Producing everything
- C. Producing at lower opportunity cost
- D. Having more money
-
Which organization issues the World Economic Outlook report?
- A. WTO
- B. IMF
- C. World Bank
- D. UN
-
Which bank gives long-term loans?
- A. Central
- B. Commercial
- C. Rural
- D. Development