Economics – Quiz0% Economics Quiz - 1 1 / 10Market demand refers to: A) Total quantity of a good or service demanded by all consumers in a market B) Quantity of a good demanded by a single consumer C) Demand for goods produced by firms in the market D) Supply of goods available in the market 2 / 10The law of demand states that: A) Quantity demanded increases as price increases B) Quantity demanded decreases as price decreases C) Quantity supplied increases as price increases D) Quantity supplied decreases as price decreases 3 / 10Market supply refers to: A) Total quantity of a good or service supplied by all producers in a market B) Quantity of a good supplied by a single producer C) Supply of goods demanded by consumers in the market D) Demand for goods in the market 4 / 10Equilibrium price is determined by: A) Government regulations B) Market demand only C) Market supply only D) Intersection of market demand and supply curves 5 / 10A decrease in the price of a substitute good will result in: A) Increase in demand for the substitute good B) Decrease in demand for the substitute good C) Increase in demand for the original good D) No change in demand for either good 6 / 10Elasticity of demand measures: A) Quantity demanded as price changes B) Quantity supplied as price changes C) Demand for luxury goods D) Supply of essential goods 7 / 10Inelastic demand occurs when: A) Quantity demanded changes proportionately with price changes B) Quantity demanded changes less than proportionately with price changes C) Quantity demanded changes more than proportionately with price changes D) Quantity demanded remains constant 8 / 10Producer surplus is the difference between: A) Total revenue and total cost B) Market price and minimum price C) Price received and price willing to accept D) Consumer surplus and producer surplus 9 / 10A shift in the demand curve could be caused by: A) Change in consumer income B) Change in the price of the good C) Change in consumer preferences D) All of the above 10 / 10A price floor set above the equilibrium price will result in: A) Excess demand B) Excess supply C) Market equilibrium D) Government intervention Your score isThe average score is 52% LinkedIn Facebook 0% Restart quiz Exit Anonymous feedback Send feedback 0% Economics Quiz - 2 1 / 10Gross Domestic Product (GDP) measures: A) Total income earned by individuals in an economy B) Total value of goods and services produced in an economy C) Total government expenditure in an economy D) Total imports and exports of a country 2 / 10Inflation is defined as: A) Increase in the general level of prices B) Decrease in the general level of prices C) Increase in the rate of unemployment D) Decrease in the rate of economic growth 3 / 10Unemployment rate is calculated as: A) Number of unemployed individuals divided by total population B) Number of unemployed individuals divided by total labor force C) Number of employed individuals divided by total population D) Number of employed individuals divided by total labor force 4 / 10Fiscal policy refers to: A) Government policy related to money supply and interest rates B) Government policy related to taxation and spending C) Central bank policy related to currency exchange rates D) Market policy related to supply and demand 5 / 10The Phillips curve illustrates the relationship between: A) Inflation and unemployment B) GDP and unemployment C) Interest rates and inflation D) Money supply and economic growth 6 / 10The monetary policy is controlled by: A) Fiscal authority B) Central bank C) Treasury department D) Ministry of finance 7 / 10Aggregate demand is the total: A) Supply of goods and services in the economy B) Demand for goods and services in the economy C) Government expenditure in the economy D) Savings in the economy 8 / 10The multiplier effect refers to: A) Increase in government spending to boost economic growth B) Increase in consumer spending due to tax cuts C) Increase in overall spending in the economy from initial change in spending D) Decrease in overall spending in the economy from initial change in spending 9 / 10Trade balance measures the difference between: A) Exports and imports B) Savings and investment C) Government revenue and expenditure D) Consumer spending and investment 10 / 10Human capital refers to: A) Physical assets owned by individuals B) Financial resources available in the economy C) Skills, knowledge, and experience of individuals D) Market value of goods and services Your score isThe average score is 67% LinkedIn Facebook 0% Restart quiz Exit Send feedback 0% Economics Quiz - 3 1 / 10The theory of comparative advantage was proposed by: A) John Maynard Keynes B) Adam Smith C) David Ricardo D) Karl Marx 2 / 10Tariffs and quotas are examples of: A) Trade liberalization B) Trade restrictions C) Trade agreements D) Trade deficits 3 / 10Export subsidies aim to: A) Encourage imports B) Discourage exports C) Promote domestic production for export D) Increase trade deficits 4 / 10The World Trade Organization (WTO) aims to: A) Promote free trade and resolve trade disputes B) Impose trade restrictions on developing countries C) Regulate international currency exchange rates D) Restrict multinational corporations 5 / 10Dumping refers to: A) Exporting goods below cost to gain market share B) Importing goods at a high cost to protect domestic industries C) Regulating currency exchange rates D) Establishing trade agreements 6 / 10Which theory of international trade suggests that countries should specialize in producing goods where they have a comparative advantage? A) Mercantilism B) Absolute Advantage C) Comparative Advantage D) Factor Proportions Theory 7 / 10According to the theory of Absolute Advantage, trade occurs because: A) Countries have different production costs for the same goods B) Countries have a natural advantage in producing certain goods C) Countries prefer to be self-sufficient D) None of the above 8 / 10The Heckscher-Ohlin theory of international trade emphasizes the importance of: A) Labor productivity differences between countries B) Differences in factor endowments (land, labor, capital) C) Export subsidies and tariffs D) None of the above 9 / 10Which trade theory suggests that countries should export goods that intensively use the factors of production that are locally abundant? A) Absolute Advantage B) Factor Proportions Theory C) New Trade Theory D) None of the above 10 / 10Dumping refers to: A) Selling goods in foreign markets at a lower price than in domestic markets B) Government subsidies provided to domestic industries C) Trade barriers imposed by importing countries D) None of the above Your score isThe average score is 64% LinkedIn Facebook 0% Restart quiz Exit Anonymous feedback Send feedback 0% Economics Quiz - 4 1 / 10Non-tariff barriers to trade include: A) Quotas B) Tariffs C) Export subsidies D) Voluntary export restraints 2 / 10Which organization oversees international trade agreements and regulates trade among nations? A) IMF (International Monetary Fund) B) WTO (World Trade Organization) C) World Bank D) OPEC (Organization of the Petroleum Exporting Countries) 3 / 10The Most Favored Nation (MFN) principle in trade means that: A) All countries receive the same trade benefits as the most favored trading partner B) Certain countries are given preferential treatment in trade agreements C) Trade agreements are negotiated on a bilateral basis D) None of the above 4 / 10Which trade policy aims to protect domestic industries from foreign competition by imposing restrictions on imports? A) Free trade policy B) Export-oriented policy C) Import substitution policy D) Protectionism 5 / 10A quota is a: A) Limit on the amount of a specific good that can be imported B) Tax levied on imported goods C) Subsidy given to domestic producers D) None of the above 6 / 10Which of the following is an example of a trade barrier? A) Export subsidy B) Voluntary export restraint C) Tariff D) All of the above 7 / 10The Infant Industry Argument suggests that: A) Newly established industries should be protected from foreign competition until they become competitive B) Free trade benefits only developed countries C) Import tariffs should be eliminated to promote economic growth D) None of the above 8 / 10The principle of reciprocity in trade agreements refers to: A) Equal treatment of all trading partners B) Bilateral concessions made by trading partners C) Unilateral trade liberalization D) None of the above 9 / 10Which trade policy encourages export-oriented production to boost economic growth? A) Import substitution B) Protectionism C) Free trade D) Export-led growth 10 / 10The Smoot-Hawley Tariff Act of 1930: A) Reduced tariffs on imports to stimulate international trade B) Imposed high tariffs on imports, worsening the Great Depression C) Led to the creation of the WTO D) None of the above Your score isThe average score is 54% LinkedIn Facebook 0% Restart quiz Exit Anonymous feedback Send feedback 0% Economics Quiz - 5 1 / 10What is the purpose of a trade embargo? A) To promote trade between countries B) To restrict or prohibit trade with a specific country C) To encourage foreign investment D) None of the above 2 / 10Dumping is considered unfair trade practice when it: A) Results in higher prices for consumers in the importing country B) Reduces domestic employment in the exporting country C) Involves selling goods below cost to gain market share D) None of the above 3 / 10Which trade policy aims to reduce trade barriers and promote free trade among participating countries? A) Protectionism B) Export-oriented policy C) Regional Trade Agreement D) Import substitution policy 4 / 10The General Agreement on Tariffs and Trade (GATT) was replaced by the: A) World Economic Forum B) World Bank C) World Trade Organization (WTO) D) International Monetary Fund (IMF) 5 / 10What is the primary function of the World Trade Organization (WTO)? A) Providing financial aid to developing countries B) Facilitating negotiations on trade agreements and resolving trade disputes C) Promoting regional economic integration D) None of the above 6 / 10Which of the following is NOT a trade restriction? A) Export subsidy B) Quota C) Tariff D) Free trade agreement 7 / 10The term "trade deficit" refers to: A) Exports exceeding imports B) Imports exceeding exports C) Balance of trade being zero D) None of the above 8 / 10Which trade policy emphasizes reducing trade barriers, tariffs, and import quotas? A) Import substitution policy B) Protectionism C) Free trade policy D) Dumping 9 / 10The principle of "comparative advantage" suggests that countries should specialize in producing goods: A) Where they have an absolute advantage B) That can be produced with the least amount of resources C) That offer the highest profit margins D) None of the above 10 / 10The term "tariff" refers to: A) A tax imposed on exports B) A tax imposed on imports C) A subsidy given to domestic producers D) None of the above Your score isThe average score is 59% LinkedIn Facebook 0% Restart quiz Exit Anonymous feedback Send feedback