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Test your economics knowledge.

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Savio Cantius Costa

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Glossary Quick Quiz


Glossary Quick QuizVersión en línea Test your economics knowledge. por Savio Cantius Costa 1 Most effective allocation of resources? a Command Economy b Mixed Economy c Freemarket Economy d Democratic Economy 2 MNC benefit? a Country of origin b Country of base c Goverment d Consumer 3 What does GDP stand for? a General Domestic Product b Gross Domestic Profit c Gross Development Product d Gross Domestic Product 4 HDI stands for what? a Healthy Development Index b High Development Index c Human Development Index d Human Design Index 5 Monopolistic competition is defined as? a A pure monopoly b Many firms producing a slightly differentiated product c Few firms with identical products d No barriers to entry and exit 6 Negative externalities are costs to? a Firms within the same market purely b The government only c Third parties not involved in the market d Producers only 7 Opportunity cost means? a The sold price of a product b The monetary cost only c Cost of the best alternative forgone d Tax on revenue 8 Price discrimination involves? a Deleting all prices b Charging the same price to all c Discounting only once d Charging different prices to different groups 9 Monopsony is? a Sole buyer b A type of monopoly on pricing c A market with perfect competition d Sole seller 10 Productivity is defined as? a Total revenue per firm b Output per product category c Output per hour worked only d Output per factor of production 11 Public goods are? a Rival and excludable, funded by users b Private goods sold in markets c Subsidized only by charities d Non-rival and non-excludable, funded by taxation 12 Multinational's benefits to the people? a Jobs b Technology c GDP d Subsidy 13 human capital are? a education, training and skills b job, hdi and gdp c Government facilites d Tax revenue expenditure 14 managed exchange rate is? a an exchange rate system in which a government or pangovernment organization allows the exchange rate to move within margins b government organization exchange rate to move c Negotiated rates d based on demand and supply 15 normal goods are? a goods with positive income elasticity of demand b goods with negative income elasticity of demand c goods with income elasticity of demand d goods with unitary income elasticity of demand 16 What is the fundamental economic problem? a Unlimited wants and limited resources b Inflation c Rising unemployment d Falling income 17 Which of the following is not a factor of production? a Money b Land c Labour d Capital 18 A shift of the demand curve to the right may be caused by: a A fall in the price of the good b A rise in income (for normal goods) c A fall in population d A decrease in advertising 19 In a monopoly: a Barriers to entry are high b There are many firms c Prices are lowest d Products are identical 20 A progressive tax system means: a Higher incomes pay a higher percentage b A. Everyone pays the same c Indirect taxes are lower d Businesses pay more than individuals 21 The Global Economy a Increasing interdependence of world economies b Isolation from world markets c A reduction in trade d Growth of local economies 22 The main benefit of international trade is: a Wider choice and lower prices b Increasing barriers c Higher tax d Reducing Economic Growth 23 Tariffs are used to: a Protect domestic industries b Promote exports c Encourage foreign investment d Increase competition 24 Floating exchange rates are determined by: a Demand and supply of the currency b The government c Central bank control d Fiscal policy 25 The current account of the balance of payments includes: a Trade in goods and services b Government spending c All capital flows d Savings and investment

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Glossary Quick QuizVersión en línea

por Savio Cantius Costa

Most effective allocation of resources?

MNC benefit?

What does GDP stand for?

HDI stands for what?

Monopolistic competition is defined as?

Negative externalities are costs to?

Opportunity cost means?

Price discrimination involves?

Monopsony is?

Productivity is defined as?

Public goods are?

Multinational's benefits to the people?

human capital are?

managed exchange rate is?

normal goods are?

What is the fundamental economic problem?

Which of the following is not a factor of production?

A shift of the demand curve to the right may be caused by:

In a monopoly:

A progressive tax system means:

The Global Economy

The main benefit of international trade is:

Tariffs are used to:

Floating exchange rates are determined by:

The current account of the balance of payments includes: