Understanding Economic Issues

Understanding Economic Issues

10th Grade

14 Qs

quiz-placeholder

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Understanding Economic Issues

Understanding Economic Issues

Assessment

Quiz

Business

10th Grade

Practice Problem

Easy

Created by

Vinodkumar KJ

Used 1+ times

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14 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is inflation and how does it affect purchasing power?

Inflation has no effect on purchasing power.

Inflation decreases purchasing power as it raises the prices of goods and services.

Inflation only affects the stock market, not consumer goods.

Inflation increases purchasing power by lowering prices.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the main causes of unemployment?

Economic downturns, technological changes, seasonal employment, structural changes, and skill mismatches.

Higher wages for all workers

Increased job satisfaction

More job openings in every sector

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does the law of supply and demand influence market prices?

Market prices are fixed and do not change over time.

Supply and demand have no effect on market prices.

The law of supply and demand influences market prices by determining the equilibrium price based on the relationship between supply and demand.

Market prices are solely determined by government regulations.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is fiscal policy and how does it impact the economy?

Fiscal policy is solely about regulating interest rates.

Fiscal policy is the use of government spending and taxation to influence the economy.

Fiscal policy is the government's strategy for managing inflation only.

Fiscal policy refers to the central bank's control over money supply.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are some challenges associated with global trade?

Challenges associated with global trade include trade barriers, political instability, currency fluctuations, regulatory differences, and logistical issues.

Stable exchange rates for all currencies

Increased tariffs on domestic goods

Enhanced cooperation between countries

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the balance of payments and why is it important?

The balance of payments is a measure of a country's population growth.

The balance of payments only includes government transactions.

The balance of payments is irrelevant to international trade.

The balance of payments is a record of all economic transactions between a country and the rest of the world, and it is important for assessing economic stability and guiding policy.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is Gross Domestic Product (GDP) calculated?

GDP is calculated as the total of consumption, investment, government spending, and net exports (exports minus imports).

GDP is calculated by adding the total number of employees in a country.

GDP is calculated based on the average income of citizens.

GDP is determined solely by the total value of imports.

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