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Economics Quiz

Economics Quiz - Set 4

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 4

1. What is 'fiscal deficit'?

Excess of government expenditure over revenue Excess of exports over imports Total government revenue Government saving

2. What is meant by 'trade liberalization'?

Increasing trade barriers Reducing trade restrictions and tariffs Government control on trade Complete closure of borders

3. What does 'monopolistic competition' imply?

Single firm in the market Many firms selling identical products Many firms selling differentiated products Government monopoly

4. What is the 'multiplier effect' in economics?

Increase in income leads to a greater increase in national income Decrease in investment reduces consumption Tax increases reduce spending Government borrowing effect

5. Which of the following best describes 'elasticity of supply'?

Responsiveness of quantity supplied to a change in price Responsiveness of quantity demanded to a change in price Change in government spending Change in consumer income

6. What is 'human development index' (HDI)?

Measure of economic growth only Composite index measuring life expectancy, education, and income Government budget deficit Inflation rate

7. Which policy is used to control inflation by increasing interest rates?

Expansionary monetary policy Contractionary monetary policy Fiscal stimulus Supply side policy

8. What does 'balance of payments' include?

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

9. What is 'capital gain'?

Profit from selling a capital asset Interest earned on deposits Salary income Government subsidies

10. Which one is a characteristic of a perfectly competitive market?

Single seller controls prices Many buyers and sellers with identical products Government sets prices Product differentiation

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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 4

1. What is 'fiscal deficit'?

2. What is meant by 'trade liberalization'?

3. What does 'monopolistic competition' imply?

4. What is the 'multiplier effect' in economics?

5. Which of the following best describes 'elasticity of supply'?

6. What is 'human development index' (HDI)?

7. Which policy is used to control inflation by increasing interest rates?

8. What does 'balance of payments' include?

9. What is 'capital gain'?

10. Which one is a characteristic of a perfectly competitive market?

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