Basic of Economics – MCQs

424 questions. Click to practice.

Correct options are highlighted when revealed.

1.What does the term 'real wage' refer to?

2.What does the term 'Debenture' refer to?

3.What does the term 'inflation' refer to?

4.Which stock exchange holds the title of being the oldest in the world?

5.How would you define the term 'Laissez faire'?

6.What term refers to a tax imposed on goods when they are imported or exported?

7.What does the term 'Debt retirement' mean?

8.What is the name given to the rules and regulations that oversee the administration of an organization?

9.What does the term 'Tariff' refer to?

10.What term describes an economic system where the government holds ownership and control over production resources for the welfare of the entire population?

11.Which of the following best defines remittance?

12.What term describes safeguarding local manufacturers by restricting or controlling the import of foreign products and services?

13.In a planned economy, who is responsible for managing the production and distribution of wealth?

14.What is the term for a market where government does not regulate the demand and supply forces?

15.What does the term 'interest' refer to?

16.What is the name given to a collection of nations that have eliminated all barriers to trade between each other?

17.Which indicator is used to assess the total economic activity of a country over a specific time frame?

18.What term describes commerce conducted without any tariffs, quotas, or foreign exchange restrictions?

19.What is the collective name for the economies of Singapore, Hong Kong, Taiwan, and South Korea?

20.What is the term for the lowest price set by the government to protect the interests of raw material producers?