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Key Economic Concepts Quiz
Key Economic Concepts · GDP Quiz
8 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 8 questions in this Key Economic Concepts quiz
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What is 'Tertiary Sector'?
- A. Services (banking/tourism)
- B. Factories
- C. Mining
- D. Farming
-
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 the 'Base Year' used for?
- A. Ending a recession
- B. Paying taxes
- C. Starting a business
- D. Calculate inflation/Real GDP
-
Which measure includes foreign income?
- A. GDP
- B. CPI
- C. GNP
- D. PPP
-
What is 'Output'?
- A. Resources used
- B. Total workers
- C. Profit made
- D. Amount of goods produced
-
What is 'Forecast'?
- A. Past data
- B. Tax bill
- C. Old news
- D. Prediction of future trends
-
What is 'Sovereign Debt'?
- A. Government debt
- B. Personal debt
- C. Bank debt
- D. Company debt
-
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