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Economics Quiz

Economics Quiz - Set 17 (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 17 (Advanced)

1. What is the primary focus of "Behavioral Economics"?

How psychological factors affect economic decisions Efficient markets theory Government intervention effects International trade policies

2. The "Ricardian Equivalence" hypothesis assumes:

Consumers anticipate future taxes and save accordingly Government borrowing stimulates demand Monetary policy is ineffective Inflation reduces real debt

3. What is "Quantitative Easing" primarily used for?

Increasing money supply by central bank asset purchases Raising interest rates Reducing government debt Increasing taxes

4. In economics, what is "Deadweight Loss"?

Loss of economic efficiency due to market distortions Government budget deficit Increase in consumer surplus Inflation caused by excessive demand

5. The "Laffer Curve" illustrates the relationship between:

Tax rates and tax revenue Inflation and unemployment Savings and investments Government spending and economic growth

6. Which of the following best describes "Crowding Out"?

Increased government spending reduces private investment Government borrowing decreases interest rates Monetary easing boosts economic growth Tax cuts increase government revenue

7. "Purchasing Power Parity" theory implies:

Exchange rates adjust so that identical goods cost the same in different countries Governments fix exchange rates Inflation causes currency depreciation Tariffs affect currency values

8. What does "Fiscal Multiplier" measure?

The total increase in economic output from an initial government spending increase The effect of tax increases on inflation The crowding out effect of government borrowing The impact of monetary policy on interest rates

9. Numerical: Calculate GDP if Consumption = 8500, Investment = 3200, Government Spending = 2700, Exports = 1600, and Imports = 1400.

10,600 11,100 11,900 10,900

10. Numerical: Price rises from 280 to 330 and demand falls from 750 to 690 units. Calculate price elasticity of demand using midpoint method (rounded to 2 decimals).

0.43 0.48 0.40 0.52

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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 17 (Advanced)

1. What is the primary focus of "Behavioral Economics"?

2. The "Ricardian Equivalence" hypothesis assumes:

3. What is "Quantitative Easing" primarily used for?

4. In economics, what is "Deadweight Loss"?

5. The "Laffer Curve" illustrates the relationship between:

6. Which of the following best describes "Crowding Out"?

7. "Purchasing Power Parity" theory implies:

8. What does "Fiscal Multiplier" measure?

9. Numerical: Calculate GDP if Consumption = 8500, Investment = 3200, Government Spending = 2700, Exports = 1600, and Imports = 1400.

10. Numerical: Price rises from 280 to 330 and demand falls from 750 to 690 units. Calculate price elasticity of demand using midpoint method (rounded to 2 decimals).

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