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Basic of Economics – MCQs

428 questions. Click to practice.

Correct options are highlighted when revealed.

1.What is the primary marketplace where various securities are traded called?

2.What is the term used for the average earnings of individuals in a nation over the course of one year?

3.What term is used for a currency anticipated to decline in value compared to other currencies?

4.Which type of tax is imposed on the retail price of goods and collected by the seller at the point of sale?

5.Which of the following entities are included in the public sector?

6.What is the term used to describe the lowest income threshold under which an individual is classified as living in poverty?

7.What does the term 'National debt' or 'public debt' refer to?

8.What term describes the policy of minimal government involvement in business activities?

9.How is inflation best defined?

10.What term describes a nation's overall financial commitments owed to foreign entities?

11.What term describes a country’s 12-month schedule for budgeting and managing its finances?

12.What does Gross Domestic Product (GDP) represent?

13.Which of the following best describes the key features of an economic depression, a severe downturn in a national or global economy?

14.What is the name of the index that tracks the average stock price and percentage movement of 30 leading US industrial firms?

15.What term describes the decrease in the money supply caused by a drop in prices?

16.What term describes the money needed to buy goods and services essential for sustaining life?

17.Which type of organization is controlled by the individuals who utilize its services?

18.Who is recognized as the Father of Economics?

19.What term describes the large-scale withdrawal of financial assets from a country?

20.What does a budget deficit signify in terms of government expenditure and revenue?