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

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

D) Inflationary economy

A) Capitalism

B) Socialism

C) Mixed economy

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

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

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

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

C) (Labor force / Total population) × 100

3. What is Gross Domestic Product (GDP)?

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

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

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

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

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

D) Hyperinflation

C) Built-in inflation

A) Demand-pull inflation

B) Cost-push inflation

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

C) Single seller

D) Free entry and exit of firms

A) Few sellers

B) Product differentiation

6. What is the basic economic problem?

A) Unemployment

D) Deflation

B) Inflation

C) Scarcity

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

A) Money

D) Exports

B) Labor

C) Imports

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

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

D) Quantity supplied / Quantity demanded

C) Total revenue / Quantity demanded

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

9. What is the main objective of monetary policy?

D) Reduce income inequality

C) Decrease unemployment benefits

A) Regulate the economy’s money supply

B) Increase government spending

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

D) Changing reserve requirements

C) Government spending on infrastructure

B) Altering the money supply

A) Changing the interest rate

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

C) Perfect competition

D) Monopoly

B) Economic equilibrium

A) Market failure

12. What does the production possibility curve represent?

B) The maximum output of two goods

C) The average output of two goods

D) The total output of a single good

A) The minimum output of two goods

MCQ | QUIZ | Economics

Total Questions: 12
Total Time: 12 Min
Time Remaining:

About us

AFTI Corporation (P) Ltd

Headquarter:

Branch office:

Explore

Courses

Legal