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Key Economic Concepts Quiz
Key Economic Concepts · Medium
20 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 20 questions in this Key Economic Concepts quiz
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What is 'Parity'?
- A. Inequality
- B. Equality in value/status
- C. Inflation
- D. High price
-
What is the 'World Bank' primarily concerned with?
- A. Currency exchange
- B. Short term loans
- C. Regulating trade
- D. Development and poverty reduction
-
What is 'Yield'?
- A. Loss
- B. Income return on an investment
- C. Price
- D. Total cost
-
Which type of economy is most common today?
- A. Pure Market
- B. Pure Command
- C. Traditional
- D. Mixed Economy
-
What is 'Command Economy'?
- A. Government decided
- B. Market decided
- C. Traditional
- D. Barter
-
Which market has many sellers?
- A. Monopoly
- B. Duopoly
- C. Perfect competition
- D. Oligopoly
-
What is 'Value Added'?
- A. Extra cost
- B. Increase in value at each production stage
- C. Tax
- D. Profit
-
What is 'Monetary Policy'?
- A. Labor union regulations
- B. Government spending
- C. International trade laws
- D. Control of money supply and interest rates
-
What is the term for the cost of the next best alternative foregone?
- A. Opportunity Cost
- B. Variable Cost
- C. Marginal Cost
- D. Fixed Cost
-
Which organization regulates trade?
- A. UN
- B. WTO
- C. IMF
- D. World Bank
-
What is 'Maturity'?
- A. Tax date
- B. Opening date
- C. End of a financial instrument's life
- D. Interest rate
-
What is 'Outsourcing'?
- A. Buying a firm
- B. Closing a factory
- C. Hiring more staff
- D. Contracting work to an outside supplier
-
Which index is most commonly used to measure inflation?
- A. Producer Price Index (PPI)
- B. Consumer Price Index (CPI)
- C. Big Mac Index
- D. GDP Deflator
-
What is a 'Sunk Cost'?
- A. Variable cost
- B. A discount
- C. Future cost
- D. A cost that cannot be recovered
-
Which organization is the 'Lender of Last Resort'?
- A. Central Bank
- B. WTO
- C. Commercial Bank
- D. World Bank
-
What is 'Laissez-faire'?
- A. High taxes
- B. Government control
- C. Trade restrictions
- D. No government interference in economy
-
What is opportunity cost?
- A. Next best alternative
- B. Extra cost
- C. Fixed cost
- D. Total cost
-
What is 'Liabilities'?
- A. What you owe
- B. Total profit
- C. What you own
- D. Income
-
What is 'Brain Drain'?
- A. Mental illness
- B. Loss of skilled workers to other countries
- C. School closures
- D. Old age
-
Who regulates banks?
- A. UN
- B. Government
- C. Central Bank
- D. IMF