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Economics Quiz

Economics Quiz - Set 13 (Advanced)

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 13 (Advanced)

1. Which economic theory explains that "in the long run, money is neutral"?

Classical economics Keynesian economics Monetarism Behavioral economics

2. In an open economy, what does the "twin deficits hypothesis" refer to?

Government budget deficit and current account deficit Inflation and unemployment deficits Trade surplus and budget surplus Savings and investment gap

3. The Phillips Curve represents the inverse relationship between:

Inflation and unemployment Interest rates and inflation GDP growth and inflation Exchange rates and exports

4. Which of the following best defines "moral hazard"?

When one party takes more risks because another bears the cost High inflation leading to wage demands Market failure due to monopoly power Government intervention in market

5. Which indicator measures income inequality within a country?

Gini coefficient Consumer Price Index (CPI) Human Development Index (HDI) GDP per capita

6. What does "quantitative easing" primarily involve?

Central bank buying financial assets to increase money supply Government increasing taxes Reducing government spending Increasing interest rates

7. The Laffer Curve demonstrates the relationship between:

Tax rates and tax revenue Inflation and unemployment Money supply and inflation Savings and investment

8. In international trade, "terms of trade" refers to:

Ratio of export prices to import prices Balance of payments surplus Exchange rate fluctuations Tariff rates imposed

9. Numerical: Calculate GDP if Consumption = 7000, Investment = 3500, Government Spending = 2200, Exports = 1500, and Imports = 1200.

13700 13900 13500 14000

10. Numerical: A product's price increases from 150 to 180, and quantity demanded decreases from 400 to 360. Calculate price elasticity of demand using midpoint method (rounded to 2 decimals).

0.57 0.67 0.75 0.48

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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 13 (Advanced)

1. Which economic theory explains that "in the long run, money is neutral"?

2. In an open economy, what does the "twin deficits hypothesis" refer to?

3. The Phillips Curve represents the inverse relationship between:

4. Which of the following best defines "moral hazard"?

5. Which indicator measures income inequality within a country?

6. What does "quantitative easing" primarily involve?

7. The Laffer Curve demonstrates the relationship between:

8. In international trade, "terms of trade" refers to:

9. Numerical: Calculate GDP if Consumption = 7000, Investment = 3500, Government Spending = 2200, Exports = 1500, and Imports = 1200.

10. Numerical: A product's price increases from 150 to 180, and quantity demanded decreases from 400 to 360. Calculate price elasticity of demand using midpoint method (rounded to 2 decimals).

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