+2 | Bachelors | Masters | Quiz | MCQ | Multiple Choice Questions

1. What is the formula for calculating the unemployment rate?

C) (Labor force / Total population) × 100

A) (Number of unemployed / Labor force) × 100

B) (Number of employed / Labor force) × 100

D) (Total population / Number of unemployed) × 100

2. Which of the following is an example of fiscal policy?

C) Government spending on infrastructure

D) Changing reserve requirements

A) Changing the interest rate

B) Altering the money supply

3. What is the term for a situation where the market does not allocate resources efficiently?

A) Market failure

B) Economic equilibrium

D) Monopoly

C) Perfect competition

4. What is the basic economic problem?

A) Unemployment

D) Deflation

B) Inflation

C) Scarcity

5. Which of the following is a factor of production?

B) Labor

A) Money

D) Exports

C) Imports

6. Which of the following is not a type of economic system?

A) Capitalism

B) Socialism

C) Mixed economy

D) Inflationary economy

7. Which of the following is a characteristic of a perfectly competitive market?

D) Free entry and exit of firms

A) Few sellers

C) Single seller

B) Product differentiation

8. What does the production possibility curve represent?

D) The total output of a single good

A) The minimum output of two goods

C) The average output of two goods

B) The maximum output of two goods

9. What is Gross Domestic Product (GDP)?

A) The total value of goods and services produced by a country’s citizens

C) The total value of goods and services produced within a country

D) The total value of goods and services imported by a country

B) The total value of goods and services consumed in a country

10. What is the main objective of monetary policy?

D) Reduce income inequality

A) Regulate the economy’s money supply

C) Decrease unemployment benefits

B) Increase government spending

11. Which type of inflation is caused by an increase in the cost of production?

D) Hyperinflation

B) Cost-push inflation

A) Demand-pull inflation

C) Built-in inflation

12. What is the formula for calculating the price elasticity of demand?

B) Percentage change in price / Percentage change in quantity demanded

A) Percentage change in quantity demanded / Percentage change in price

D) Quantity supplied / Quantity demanded

C) Total revenue / Quantity demanded

MCQ | QUIZ | Economics

Total Questions: 12
Total Time: 12 Min
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