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Economics Quiz

Economics Quiz - Set 11

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 11

1. What is the formula for calculating GDP using expenditure approach?

C + I + G + (X - M) C + G + T I + S + T X + M + G

2. What is 'fiscal policy' primarily concerned with?

Government taxation and spending Interest rates control Exchange rate management Money supply regulation

3. Which one is a characteristic of perfect competition?

Many sellers with identical products Single seller dominates Product differentiation Price fixing by firms

4. What is the main cause of demand-pull inflation?

Excess aggregate demand over aggregate supply Rising production costs Wage decreases Currency devaluation

5. What does the 'law of diminishing marginal utility' state?

Additional satisfaction decreases with each extra unit consumed Total utility increases forever Price increases with consumption Utility remains constant

6. What is 'opportunity cost'?

Value of next best alternative foregone Total cost incurred Government expenditure Market price

7. What is the function of the central bank?

Regulate money supply and maintain financial stability Collect taxes Control government spending Set wage rates

8. What is 'inflation rate'?

Percentage increase in general price level over a period Percentage decrease in unemployment Rate of economic growth Government budget deficit

9. Numerical: Calculate GDP using expenditure approach if consumption = 5000, investment = 2000, government spending = 1500, exports = 1000 and imports = 800.

8700 8500 9000 8800

10. Numerical: If a product's price rises from 100 to 120 and demand falls from 500 units to 450 units, calculate the price elasticity of demand (midpoint method, rounded to 2 decimals).

0.45 0.60 0.30 0.75

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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 11

1. What is the formula for calculating GDP using expenditure approach?

2. What is 'fiscal policy' primarily concerned with?

3. Which one is a characteristic of perfect competition?

4. What is the main cause of demand-pull inflation?

5. What does the 'law of diminishing marginal utility' state?

6. What is 'opportunity cost'?

7. What is the function of the central bank?

8. What is 'inflation rate'?

9. Numerical: Calculate GDP using expenditure approach if consumption = 5000, investment = 2000, government spending = 1500, exports = 1000 and imports = 800.

10. Numerical: If a product's price rises from 100 to 120 and demand falls from 500 units to 450 units, calculate the price elasticity of demand (midpoint method, rounded to 2 decimals).

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