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WorksheetsIB Economics Quick Quiz
Total questions: 20
Worksheet time: 14mins
In the former Soviet Union, consumers had to wait in long lines to buy everyday items like bread. They did not have many choices and the government controlled factories. In what type of economy did they live?
Market
Mixed
Traditional
Command
The amount of money a business makes after its expenses are paid
profit
supply
demand
scarcity
Focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.
subsistence
specialization
scarcity
bartering
Privatization refers to ....
Transfer of assets from people to government
Transfer of assets from public to private organizations
Transfer of assets from corporate to public
Transfer of assets from corporate to government
According to the Keynesian framework, which of the following may help a country reduce inflation, but will not help that country to get out of a recession?
increased spending by the government on health care
an increase in taxes on business investments
an increase in military spending
a decrease in the tax rate on consumer income
According to macroeconomic theory, evidence that high unemployment may be accompanied by low inflation, and low unemployment may be accompanied by high inflation is supported by the:
neoclassical expenditure-output model.
Keynesian cross diagram.
Keynesian Phillips curve tradeoff.
Keynesian Inflation trade-off model.
component of Aggregate demand
foreign exchange
interest rate
consumption
none of these
component of aggregate supply is
saving
consumption
both saving and consumption
Investment
The Business Cycle measures ___ over time.
wealth
inflation
economic growth
The business cycle rises above the trendline during-
rescessions
expansions
troughs
When contraction (recession) begins in a business cycle- the economy will experience
higher unemployment
lower inflation (deflation)
both a & b
Economics is considered to be a social science because its study includes:
ENVIRONMENT
WOMEN ISSUES
HUMAN BEHAVIOUR
NONE OF THE ABOVE
Formula to find NDP(Net Domestic Product) is_______
GDP-Income from abroad
GDP+Income from abroad
GNP-Depreciation
GDP-Depreciation
According to the Keynesian framework, which of the following may help a country reduce inflation, but will not help that country to get out of a recession?
increased spending by the government on health care
an increase in taxes on business investments
an increase in military spending
a decrease in the tax rate on consumer income
A economist who introduced the steady increase of the supply of money within growing economies.
David Ricardo
John Maynard Keynes
Milton Friedman
Beatrice Webb
Competition and profit motive are important characteristics of a:
command economy
traditional economy
market economy
socialist economy
Pick the odd one out in case of AD< AS
Undesired stock of goods
Increase the production
Employment decrease
Income decrease
