What is fiscal policy?

Government spending and taxation

Which is a type of unemployment?

Frictional, Structural, Cyclical, Seasonal

What is the law of demand?

Price increases, demand decreases

What is a mixed economy?

Combination of private and public sectors

studbud

Economics Basics

24 termsStudBud Administration69 plays

Test your knowledge on fundamental concepts and principles of economics

Flashcards24 cardsFPractice quizPHost liveL

Questions 24

Answers

1
Which is a macroeconomic indicator?
GDP
Consumer choice
Company profit
Product price
2
Supply and demand determine prices
False
True
3
What is fiscal policy?
Labor market policies
Trade regulation
Government spending and taxation
Money supply control
4
What does a high unemployment rate indicate?
Economic stability
Economic boom
Economic downturn
Economic growth
5
Which is a characteristic of perfect competition?
Few sellers
Single seller
No competition
Many sellers
6
Which policy controls the money supply?
Labor policy
Monetary policy
Fiscal policy
Trade policy
7
Which is a type of unemployment?
Frictional
Structural
Cyclical
Seasonal
8
What is GDP?
General Development Plan
Gross Development Profit
Gross Domestic Product
Global Debt Percentage
9
What is the main goal of economics?
Reduce taxes
Maximize wealth
Minimize debt
Increase spending
10
Inflation means prices are rising
True
False
11
What is a tariff?
Quota on goods
Subsidy for exports
Tax on imports
Trade agreement
12
What is opportunity cost?
Cost of chosen option
Total cost of production
Cost of next best alternative
Cost of all alternatives
13
Which is a microeconomic concept?
Consumer behavior
Inflation rate
Unemployment rate
National income
14
What is the law of demand?
Price increases, demand decreases
Price decreases, demand increases
Price increases, demand increases
Price decreases, demand decreases
15
What is a budget deficit?
Revenue exceeds spending
Spending exceeds revenue
No spending
Balanced budget
16
Which is a type of economic system?
Feudalism
Imperialism
Colonialism
Capitalism
17
What is a mixed economy?
Only private sector
Only public sector
No government intervention
Combination of private and public sectors
18
Which term describes a market with one seller?
Oligopoly
Perfect competition
Duopoly
Monopoly
19
Which is a factor of production?
Labor
Trade
Money
Technology
20
A recession is a period of economic growth
True
False
21
Which is a characteristic of a free market?
Limited competition
Private ownership
Government control
Fixed prices
22
Which is a characteristic of a command economy?
Free competition
Private ownership
Government planning
Market-driven prices
23
Who is known as the father of economics?
Karl Marx
Milton Friedman
John Keynes
Adam Smith
24
What is a trade surplus?
Balanced trade
Exports exceed imports
No trade
Imports exceed exports

Economics Basics Flashcards | StudBud