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Economics Quiz

Economics Quiz - Set 10

Play this economics quiz and check your economics knowledge. The next quiz will be updated tomorrow.

✍ ₳uthored By - GP Sir

GP Sir on July 31, 2025

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Economics Quiz - Set 10

1. What is the 'invisible hand' concept in economics?

Self-regulating nature of the marketplace Government intervention in markets Price controls Central planning

2. What is 'marginal propensity to consume' (MPC)?

Fraction of additional income spent on consumption Total consumption Tax rate Government spending

3. What is 'inflation targeting'?

Central bank setting specific inflation rate goals Government fixing prices Increasing taxes Regulating imports

4. Which of the following best describes 'opportunity cost'?

Value of the next best alternative forgone Money spent Total revenue Government subsidies

5. What is a 'public good'?

Non-excludable and non-rivalrous good Private good Good produced by private firms Good subject to market competition

6. What does 'GDP per capita' indicate?

Average economic output per person Total government spending Inflation rate National debt

7. What is 'price elasticity of supply'?

Responsiveness of quantity supplied to price changes Change in consumer demand due to price changes Government price controls Tax rate changes

8. What is the role of the International Monetary Fund (IMF)?

Promote international monetary cooperation and provide financial aid Regulate trade tariffs Set exchange rates Control inflation

9. What is the 'labor force participation rate'?

Percentage of working-age population employed or actively seeking work Unemployment rate Percentage of retired people Total population

10. What is a 'trade embargo'?

Official ban on trade with a particular country Reduction of tariffs Agreement to promote free trade Currency devaluation

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GP Sir

GP Sir is a Development Economist and a Banking Professional. He holds M.A. degrees in Economics, Political Science, Rural Development, a B.Ed., and is an MPhil scholar in Economics. He writes to connect economics with people’s lives.

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Economics Quiz - Set 10

1. What is the 'invisible hand' concept in economics?

2. What is 'marginal propensity to consume' (MPC)?

3. What is 'inflation targeting'?

4. Which of the following best describes 'opportunity cost'?

5. What is a 'public good'?

6. What does 'GDP per capita' indicate?

7. What is 'price elasticity of supply'?

8. What is the role of the International Monetary Fund (IMF)?

9. What is the 'labor force participation rate'?

10. What is a 'trade embargo'?

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