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Economics Quiz

Economics Quiz - Set 3

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 3

1. What does 'demand elasticity' measure?

Responsiveness of quantity demanded to price changes Supply responsiveness to demand Price changes in the market Income changes of consumers

2. What is a trade deficit?

Exports exceed imports Imports exceed exports Balanced trade Government budget surplus

3. What is 'capital formation'?

Increase in physical assets like machinery and buildings Decrease in savings Government borrowing Consumer spending

4. Which sector is known as the 'primary sector' of the economy?

Manufacturing Agriculture and mining Services Trade

5. What does 'monopoly' mean in economics?

Many sellers competing Single seller dominating the market Government controlled prices Fixed pricing by firms

6. What is the 'consumer price index' (CPI)?

Measure of average change in prices paid by consumers Government revenue from taxes Index of producer prices Level of consumer savings

7. Which policy aims to reduce inflation by decreasing government spending?

Expansionary fiscal policy Contractionary fiscal policy Monetary easing Supply-side policy

8. What is 'human capital'?

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

9. What does 'stagflation' refer to?

High inflation and high unemployment Low inflation and low unemployment Increasing GDP growth Budget surplus

10. What does the 'law of supply' state?

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

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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 3

1. What does 'demand elasticity' measure?

2. What is a trade deficit?

3. What is 'capital formation'?

4. Which sector is known as the 'primary sector' of the economy?

5. What does 'monopoly' mean in economics?

6. What is the 'consumer price index' (CPI)?

7. Which policy aims to reduce inflation by decreasing government spending?

8. What is 'human capital'?

9. What does 'stagflation' refer to?

10. What does the 'law of supply' state?

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