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Economics Quiz

Economics Quiz - Set 16 (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 16 (Advanced)

1. Which school of thought emphasizes the role of rational expectations in economic decision-making?

New Classical Economics Keynesian Economics Monetarism Behavioral Economics

2. The "crowding out effect" refers to:

Government borrowing leading to reduced private investment Increase in government spending stimulating private sector Monetary policy reducing inflation Central bank lowering interest rates

3. According to the Efficient Market Hypothesis, asset prices:

Reflect all available information Are always undervalued Are determined by government policies Follow predictable trends

4. Which monetary policy tool is most effective for controlling inflation?

Raising interest rates Quantitative easing Reducing reserve requirements Increasing money supply

5. Which of the following best describes "stagflation"?

High inflation with stagnant economic growth and high unemployment Rapid growth and low inflation Deflation and low unemployment Low inflation and high growth

6. In the context of fiscal policy, what is the "multiplier effect"?

Initial spending leads to greater total increase in national income Government spending crowds out private investment Tax cuts always reduce government debt Inflation decreases automatically with spending

7. Which factor is NOT directly included in the Human Development Index (HDI)?

Environmental sustainability Life expectancy Education level Per capita income

8. What does the "J-curve effect" describe in international economics?

Initial worsening then improvement of trade balance following currency depreciation Rapid economic growth after trade liberalization Sudden capital flight after currency appreciation Decline in exports due to tariffs

9. Numerical: Calculate GDP if Consumption = 10,000, Investment = 4,000, Government Spending = 3,000, Exports = 2,500, Imports = 2,000.

17,500 18,500 16,500 19,000

10. Numerical: Price rises from 400 to 460 and demand falls from 700 to 630 units. Calculate price elasticity of demand (midpoint method, rounded to 2 decimals).

0.52 0.48 0.57 0.44

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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 16 (Advanced)

1. Which school of thought emphasizes the role of rational expectations in economic decision-making?

2. The "crowding out effect" refers to:

3. According to the Efficient Market Hypothesis, asset prices:

4. Which monetary policy tool is most effective for controlling inflation?

5. Which of the following best describes "stagflation"?

6. In the context of fiscal policy, what is the "multiplier effect"?

7. Which factor is NOT directly included in the Human Development Index (HDI)?

8. What does the "J-curve effect" describe in international economics?

9. Numerical: Calculate GDP if Consumption = 10,000, Investment = 4,000, Government Spending = 3,000, Exports = 2,500, Imports = 2,000.

10. Numerical: Price rises from 400 to 460 and demand falls from 700 to 630 units. Calculate price elasticity of demand (midpoint method, rounded to 2 decimals).

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