General Knowledge quiz General Knowledge – Economics Quiz By isitok - September 6, 2024 0 111 FacebookTwitterPinterestWhatsApp Page 1 of 14 1. What does GDP stand for? A) Gross Domestic Product B) General Domestic Product C) Gross Development Product D) General Development Product Page 2 of 14 2. Who is known as the father of modern economics? A) Adam Smith B) Karl Marx C) John Maynard Keynes D) Milton Friedman Page 3 of 14 3. What is the term for a market structure where a single seller controls the entire market? A) Oligopoly B) Monopoly C) Perfect Competition D) Monopsony Page 4 of 14 4. In economics, what does the term "inflation" refer to? A) A decrease in the general price level B) An increase in the general price level C) A decrease in the supply of money D) An increase in the supply of money Page 5 of 14 5. What is the main goal of monetary policy? A) To control government spending B) To regulate the money supply and interest rates C) To manage trade relations D) To set tax rates Page 6 of 14 6. What does the acronym "FDIC" stand for? A) Federal Deposit Insurance Corporation B) Federal Development Insurance Corporation C) Financial Deposit Insurance Corporation D) Federal Debt Insurance Corporation Page 7 of 14 7. What economic theory argues that government intervention can stabilize the economy? A) Classical Economics B) Keynesian Economics C) Austrian Economics D) Monetarism Page 8 of 14 8. What is the term for the cost of an opportunity that is forgone when a choice is made? A) Marginal Cost B) Fixed Cost C) Opportunity Cost D) Sunk Cost Page 9 of 14 9. What type of market structure is characterized by a few firms that have significant market power? A) Monopoly B) Perfect Competition C) Oligopoly D) Monopsony Page 10 of 14 10. What is the purpose of the Consumer Price Index (CPI)? A) To measure inflation and the cost of living B) To assess national income C) To calculate government budget deficits D) To evaluate the performance of the stock market Page 11 of 14 11. What economic concept describes the situation where an increase in production leads to a decrease in the average cost per unit? A) Economies of Scale B) Diseconomies of Scale C) Marginal Utility D) Law of Diminishing Returns Page 12 of 14 12. What term describes a situation where supply exceeds demand, leading to falling prices? A) Shortage B) Surplus C) Equilibrium D) Deficit Page 13 of 14 13. What is the main objective of fiscal policy? A) To control inflation and interest rates B) To manage government spending and taxation C) To regulate the money supply D) To set international trade policies Page 14 of 14 14. What is the term for a situation where the value of a currency declines relative to other currencies? A) Appreciation B) Depreciation C) Devaluation D) Revaluation Please provide your contact information to proceed.Email Address *First Name *Consent *Yes, I agree with the privacy policy and terms and conditions.Start QuizSkip and continue
