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Basic of Economics – MCQs

428 questions. Click to practice.

Correct options are highlighted when revealed.

1.What is the term for the total net value of all goods and services produced within a country during a specific time frame?

2.What is the term for the investment vehicle that regularly issues new shares, repurchases existing shares upon request, and pools capital to invest in a variety of securities from different companies?

3.What term is used to describe a company or corporation that has subsidiaries, investments, or operations in multiple countries?

4.What does the term 'monoculture' refer to in agriculture?

5.Which type of market operates without government intervention over demand and supply forces?

6.Which field focuses on analyzing the broad factors and functioning of an entire national economy?

7.The term 'liquidate' means to settle a debt, claim, or obligation by assessing liabilities and using assets to clear them. What else does the term 'liquidate' imply?

8.In economic theory, what concepts are encompassed by the term 'Liberalism'?

9.What is the name of the document issued by a bank that permits the holder to collect funds from its overseas branch or another foreign bank?

10.What term describes the total count of adults who are either employed or actively looking for employment across all industries?

11.Which of the following can also be considered as inventory, defined as a detailed list or record of items owned or the process of compiling such a list?

12.What is the term used to describe a situation where there is an extreme rise in prices and incomes due to a rapid decline in the value of money?

13.What does the term 'hard currency' mean?

14.What term describes the covert buying and selling of goods that is not always unlawful, in contrast to a black market?

15.What term is used for products that are sold without any brand name or trademark?

16.What is the term for the exchange of goods across national borders without limitations like tariffs, quotas, or currency restrictions?

17.What defines a free port?

18.Which option correctly defines foreign exchange?

19.What is the term for the penalty where an individual loses ownership of their property due to unlawful actions?

20.What is the term for the 12-month timeframe an organization uses to plan its financial activities?