Economy of a Country Quiz

What does the economy of a country involve?

• The country's laws and regulations

• The country's cultural activities

• The country's production and consumption

• The country's geographical features

What does the economy of a country indicate?

• The country's population size

• The country's financial health

• The country's political stability

• The country's historical significance

What is a formal economy?

• An economy that operates without government knowledge and is not regulated by any laws.

• An economy that is based solely on agricultural production and rural development.

• An economy of which the government is fully aware and that is regulated by government authorities contract and company law, taxation, and labour law.

• An economy that is based on informal transactions and is typically associated with developing countries.

What does the term "Informal Economy" refer to?

• The sector of the economy that is fully regulated by the government

• Parts of the economy the government does not have control over

• The official financial institutions recognized by the government

• The international trade agreements between governments

What does GDP stand for?

• General Domestic Product

• Gross Domestic Product

• Government Domestic Product

• Global Domestic Product

What does the Gross Domestic Product measure?

• The total international income of a nation

• The total domestic income of a nation

• The total exports of a nation

• The total imports of a nation

What does Gross National Income (GNI) measure?

• The total amount of money a nation owes to other countries

• The total amount of money the nation makes using domestic & foreign income

• The total amount of money spent on national defense

• The total amount of money generated from exports only

What is a commodity?

• A service that can be offered

• A good that can be traded or bought

• A method of production

• A type of currency

What does the term "Complex Commodity Chain" refer to?

• A) A network of financial investments

• B) The process a good goes through from start to finish

• C) A series of complex economic theories

• D) A type of modern art

What does profitability refer to?

• The ability for something to save money

• The ability for something to make money

• The ability for something to invest money

• The ability for something to borrow money