Economic Concepts Quiz

What does economic prosperity mean?

• A decline in wealth

• Wealth and success in an economy

• Government control

• Temporary growth

What is the meaning of economic ladder?

• A ranking of countries by GDP

• A metaphor for moving up in status

• A tool in factories

• A graph of inflation

If an economy is booming, it is…

• Shrinking

• Growing rapidly

• Experiencing inflation

• Failing

The term median income earner refers to…

• The richest person

• The poorest person

• The middle earner

• The average of all incomes

Income brackets are…

• Salary bonuses

• Ranges of income levels

• Tax deductions

• Mortgage payments

If wages flatline, it means…

• They stop increasing

• They rise fast

• They decrease sharply

• They double

Income disparity means…

• Equal pay

• Gap between incomes

• Tax program

• Housing costs

Shared prosperity means…

• Economy is shrinking

• Wealth is fairly distributed

• Rich get richer only

• Workers lose rights

When incomes pull apart, it means…

• Gap between rich and poor widens

• Everyone benefits equally

• Wages increase evenly

• Poverty ends

The phrase fruits of growth refers to…

• Benefits of expansion

• Agriculture

• Income tax

• Recession risks