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Key Economic Concepts Quiz
Key Economic Concepts · Medium
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 'Socialism'?
- A. Collective/Public ownership
- B. Monarchy
- C. Private ownership
- D. Anarchy
-
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 'Deregulation'?
- A. Removing government restrictions on business
- B. Increasing interest rates
- C. Adding more laws
- D. Lowering taxes
-
What is 'Outsourcing'?
- A. Buying a firm
- B. Closing a factory
- C. Hiring more staff
- D. Contracting work to an outside supplier
-
Who is the author of 'The General Theory of Employment Interest and Money'?
- A. David Ricardo
- B. Milton Friedman
- C. Adam Smith
- D. John Maynard Keynes
-
Which organization regulates trade?
- A. UN
- B. WTO
- C. IMF
- D. World Bank
-
What is 'Liabilities'?
- A. What you owe
- B. Total profit
- C. What you own
- D. Income
-
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
-
What is 'Bond'?
- A. Cash
- B. A loan to a firm or government
- C. A tax
- D. Ownership in a firm
-
Which organization is the 'Lender of Last Resort'?
- A. Central Bank
- B. WTO
- C. Commercial Bank
- D. World Bank
-
What is deficit?
- A. Surplus
- B. Profit
- C. Shortfall
- D. Balance
-
What is opportunity cost?
- A. Next best alternative
- B. Extra cost
- C. Fixed cost
- D. Total cost
-
What is 'Maturity'?
- A. Tax date
- B. Opening date
- C. End of a financial instrument's life
- D. Interest rate
-
Which type of economy is most common today?
- A. Pure Market
- B. Pure Command
- C. Traditional
- D. Mixed Economy
-
What is 'Brain Drain'?
- A. Mental illness
- B. Loss of skilled workers to other countries
- C. School closures
- D. Old age
-
What is 'Protectionism'?
- A. Protecting the environment
- B. Guarding the central bank
- C. Restricting imports to protect domestic industries
- D. Encouraging free trade
-
What is the 'Base Year' used for?
- A. Ending a recession
- B. Paying taxes
- C. Starting a business
- D. Calculate inflation/Real GDP
-
What is 'Laissez-faire'?
- A. High taxes
- B. Government control
- C. Trade restrictions
- D. No government interference in economy
-
Which organization provides emergency loans to countries?
- A. UN
- B. Red Cross
- C. IMF
- D. WHO
-
What is 'Yield'?
- A. Loss
- B. Income return on an investment
- C. Price
- D. Total cost