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Key Economic Concepts Quiz
Key Economic Concepts · Expert
20 questions · Unlimited attempts · Free online practice
Key economic concepts form the vocabulary and analytical toolkit for understanding how economies function. Supply and demand determine prices; opportunity cost captures the value o...
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All 20 questions in this Key Economic Concepts quiz
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What is 'Wealth'?
- A. Daily income
- B. Total value of assets owned
- C. Salary
- D. Total debt
-
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 'Value Added'?
- A. Extra cost
- B. Increase in value at each production stage
- C. Tax
- D. Profit
-
What is economics mainly about?
- A. Politics
- B. Scarcity
- C. History
- D. Wealth
-
What is 'Comparative Advantage'?
- A. Having more land
- B. Producing everything
- C. Producing at lower opportunity cost
- D. Having more money
-
Which market has many sellers?
- A. Monopoly
- B. Duopoly
- C. Perfect competition
- D. Oligopoly
-
What is 'Sole Proprietorship'?
- A. Owned by two
- B. Owned by government
- C. Owned by one person
- D. Owned by many
-
What is the 'Base Year' used for?
- A. Ending a recession
- B. Paying taxes
- C. Starting a business
- D. Calculate inflation/Real GDP
-
Which organization regulates trade?
- A. UN
- B. WTO
- C. IMF
- D. World Bank
-
Which economist proposed the theory of 'Comparative Advantage'?
- A. Adam Smith
- B. Thomas Malthus
- C. David Ricardo
- D. Karl Marx
-
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 trade?
- A. Buying only
- B. Production
- C. Selling only
- D. Exchange of goods
-
What is 'Bankruptcy'?
- A. Opening a shop
- B. Legal state of being unable to pay debts
- C. Becoming rich
- D. A bank merger
-
Which organization is the 'Lender of Last Resort'?
- A. Central Bank
- B. WTO
- C. Commercial Bank
- D. World Bank
-
What is money used for?
- A. Tax
- B. Exchange
- C. Decoration
- D. Storage
-
What is 'Yield'?
- A. Loss
- B. Income return on an investment
- C. Price
- D. Total cost
-
What is 'Sovereign Debt'?
- A. Government debt
- B. Personal debt
- C. Bank debt
- D. Company debt
-
Which organization regulates international trade?
- A. World Bank
- B. UNICEF
- C. WTO
- D. IMF
-
What is 'Outsourcing'?
- A. Buying a firm
- B. Closing a factory
- C. Hiring more staff
- D. Contracting work to an outside supplier
-
Who is known as the father of modern Economics?
- A. John Keynes
- B. David Ricardo
- C. Karl Marx
- D. Adam Smith