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Economics Quiz

Economics Quiz - Set 7

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 7

1. What is 'supply-side economics'?

Policies that improve production capacity and incentives Increasing government spending to boost demand Regulation of prices Controlling money supply

2. What is 'stagflation'?

High inflation combined with high unemployment Low inflation and low unemployment Rapid economic growth Budget surplus

3. What is a 'progressive tax'?

Tax rate increases as income increases Tax rate decreases as income increases Same tax rate for all incomes Tax on goods and services

4. What is 'moral hazard' in economics?

Risk-taking behavior when protected from consequences Paying high taxes Government regulation Price controls

5. Which of the following describes 'exchange rate'?

Price of one currency in terms of another Interest rate set by central bank Government tax rate Inflation rate

6. What is meant by 'diminishing returns'?

Adding more input eventually leads to smaller increases in output Increasing output at an increasing rate Constant output regardless of input Production stops

7. What does 'inflation targeting' mean?

Central bank setting a target inflation rate to maintain price stability Government controlling prices directly Fixing exchange rates Setting tax rates

8. Which is an example of a 'regressive tax'?

Sales tax Income tax with brackets Estate tax Corporate tax

9. What is 'capital account' in balance of payments?

Records trade of goods and services Records financial transfers like investments and loans Government budget Consumer spending

10. What does 'GDP deflator' measure?

Overall price level changes in the economy Government budget deficit Income distribution Exchange rate fluctuations

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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 7

1. What is 'supply-side economics'?

2. What is 'stagflation'?

3. What is a 'progressive tax'?

4. What is 'moral hazard' in economics?

5. Which of the following describes 'exchange rate'?

6. What is meant by 'diminishing returns'?

7. What does 'inflation targeting' mean?

8. Which is an example of a 'regressive tax'?

9. What is 'capital account' in balance of payments?

10. What does 'GDP deflator' measure?

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