Vicky's Economics quiz

What is the basic economic problem?

• Inflation

• Unemployment

• Deflation

• Scarcity

2. What does GDP stand for?

• A) Gross Domestic Product

• B) General Domestic Product

• • C) Gross Departmental Produc

• • D) General Development Produc

3. Which of the following is NOT a factor of production?

• A) Land

• B) Labour

• C) Capital

• D) Technology

4. Which of the following is a fiscal policy tool?

• A) Interest rates

• B) Taxation

• C) Money supply

• D) Exchange rate

5. What is inflation?

• A) A decrease in the general price leve

• • B) An increase in the general price level

• • C) A steady price leve

• • D) A constant price level

6.What does the term ‘market equilibrium’ refer

• - A) The point where supply equals demand

• The point where supply exceeds demand

• • C) The point where demand exceeds supply

• • D) The point where prices are fixe

7.Which term describes the amount of goods and services that consumers are willing to buy at a given price?

• A) Demand

• B) Supply

• C) Revenue

• D) Investment

7. 8.What is a budget deficit?

• A) When government spending equals revenue

• • B) When government spending exceeds revenue

• C) When revenue exceeds government spending

• • D) When the budget is balanced

9.Which of the following is a characteristic of a monopol

• A) Multiple sellers

• • B) Homogeneous products

• C) Single seller

• • D) Free entry and exit

9. 10.What is 'fiscal policy'?

• A) Policy related to interest rates and money supply

• B) Policy related to taxation and government spending

• C) Policy related to trade regulations

• D) Policy related to labor laws