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Economics Quiz

Economics Quiz - Set 12

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 12

1. What is the 'law of supply'?

As price rises, quantity supplied rises As price rises, quantity supplied falls Price has no effect on supply Supply creates demand

2. What is 'monetary policy'?

Regulation of money supply and interest rates Government taxation and spending Setting trade tariffs Controlling wages

3. What is 'GDP deflator' used for?

Measuring price inflation for all domestically produced goods and services Calculating unemployment rate Determining trade balance Measuring consumer price changes only

4. What is 'aggregate demand'?

Total demand for goods and services in an economy Demand for a single product Demand from government only Demand for imports only

5. What does 'price ceiling' mean?

Maximum legal price set below equilibrium Minimum legal price set above equilibrium Price set by monopolist Market equilibrium price

6. What is 'human capital'?

Skills, knowledge, and experience of workers Physical assets used for production Financial capital of firms Natural resources

7. What is the 'balance of payments'?

All financial transactions between residents and the rest of the world Only exports and imports Government budget details National income accounts

8. What does 'inflation' cause?

General rise in price levels Decrease in prices Increase in unemployment Increase in exports

9. Numerical: Calculate GDP using expenditure approach if consumption = 6000, investment = 2500, government spending = 1800, exports = 1200 and imports = 900.

10600 10800 10200 10900

10. Numerical: If price rises from 80 to 100 and demand falls from 600 to 540 units, calculate price elasticity of demand (midpoint method, rounded to 2 decimals).

0.45 0.60 0.50 0.55

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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 12

1. What is the 'law of supply'?

2. What is 'monetary policy'?

3. What is 'GDP deflator' used for?

4. What is 'aggregate demand'?

5. What does 'price ceiling' mean?

6. What is 'human capital'?

7. What is the 'balance of payments'?

8. What does 'inflation' cause?

9. Numerical: Calculate GDP using expenditure approach if consumption = 6000, investment = 2500, government spending = 1800, exports = 1200 and imports = 900.

10. Numerical: If price rises from 80 to 100 and demand falls from 600 to 540 units, calculate price elasticity of demand (midpoint method, rounded to 2 decimals).

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