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Economics Quiz

Economics Quiz - Set 8

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 8

1. What does 'fiscal stimulus' refer to?

Increase in government spending or tax cuts to boost economy Increase in interest rates Reduction in money supply Decrease in exports

2. Which of the following is a characteristic of a 'command economy'?

Decisions made by government planning Market forces determine production Private ownership of resources Free competition

3. What is the primary purpose of 'antitrust laws'?

Prevent monopolies and promote competition Increase tariffs Control inflation Regulate currency exchange

4. What does 'price elasticity of demand' measure?

Responsiveness of demand to price changes Change in supply due to price change Government price controls Income levels

5. What is 'national debt'?

Total amount owed by a government Annual government budget Total exports Private sector debt

6. What is 'trade balance'?

Difference between exports and imports Government budget Total consumer spending Investment by foreigners

7. What does 'opportunity cost' mean?

Value of the next best alternative foregone Money spent Total revenue Tax paid

8. What is the 'business cycle'?

Fluctuations in economic activity over time Constant economic growth Government spending pattern Inflation rate

9. What is 'human capital'?

Skills and knowledge of workers Physical assets Financial capital Natural resources

10. What is the 'law of diminishing returns'?

Adding more of one factor eventually yields lower additional output Increasing returns forever Price increases reduce demand Supply equals 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 8

1. What does 'fiscal stimulus' refer to?

2. Which of the following is a characteristic of a 'command economy'?

3. What is the primary purpose of 'antitrust laws'?

4. What does 'price elasticity of demand' measure?

5. What is 'national debt'?

6. What is 'trade balance'?

7. What does 'opportunity cost' mean?

8. What is the 'business cycle'?

9. What is 'human capital'?

10. What is the 'law of diminishing returns'?

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