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Economics Quiz

Economics Quiz - Set 5

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 5

1. What is 'price ceiling'?

Maximum legal price set below equilibrium Minimum legal price set above equilibrium Price set by monopolist Market equilibrium price

2. What does 'capital flight' refer to?

Rapid inflow of foreign capital Large-scale outflow of domestic capital to foreign countries Government investment in infrastructure Increase in foreign aid

3. Which of the following is NOT a factor of production?

Land Labor Capital Money

4. What is 'crowding out' in economics?

Government borrowing reduces private investment Increase in exports Government spending increase Decrease in taxes

5. What does the 'Laffer Curve' illustrate?

Relationship between tax rates and tax revenue Relationship between inflation and unemployment Relationship between supply and demand Relationship between savings and investment

6. What is a 'public good'?

Rival and excludable good Non-rival and non-excludable good Good only for government Private good

7. Which of these is an example of 'implicit cost'?

Rent paid for office Salary of employees Owner’s time spent without pay Purchase of raw materials

8. What is the main purpose of 'tariffs'?

Promote free trade Tax imports to protect domestic industries Increase exports Decrease government revenue

9. What is the 'Gini coefficient' used to measure?

Economic growth rate Inflation rate Income inequality Unemployment rate

10. What is the term for total market value of all final goods and services produced within a country in a year?

Gross Domestic Product (GDP) Gross National Product (GNP) National Income Net Domestic Product (NDP)

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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 5

1. What is 'price ceiling'?

2. What does 'capital flight' refer to?

3. Which of the following is NOT a factor of production?

4. What is 'crowding out' in economics?

5. What does the 'Laffer Curve' illustrate?

6. What is a 'public good'?

7. Which of these is an example of 'implicit cost'?

8. What is the main purpose of 'tariffs'?

9. What is the 'Gini coefficient' used to measure?

10. What is the term for total market value of all final goods and services produced within a country in a year?

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