Social and Economic Dynamics Quiz
Explore social and economic dynamics with these key questions on inflation, GDP, market structures, and more. Test your understanding now!
#1
What is the main factor contributing to inflation?
Decrease in money supply
Increase in demand
Decrease in production
Increase in taxes
#2
What is the primary goal of microeconomics?
To analyze individual economic agents and markets
To study the overall economy
To analyze government policies
To study international trade
#3
What is the term used to describe the total value of all goods and services produced within a country's borders in a specific time period?
Gross National Product (GNP)
Net Domestic Product (NDP)
Gross Domestic Product (GDP)
Net National Product (NNP)
#4
What does the term 'deflation' refer to in economics?
A decrease in the general price level of goods and services
An increase in the general price level of goods and services
A decrease in the value of a currency
An increase in the value of a currency
#5
Which of the following is NOT a factor of production?
#6
What does the term 'ceteris paribus' mean in economics?
All else being equal
All things considered
With constant changes
In the long run
#7
What does GDP stand for?
Gross Domestic Product
Gross Distribution of Profits
Government Debt Policy
Gross Development Plan
#8
Which of the following is a characteristic of a mixed economy?
Private ownership of resources
Government ownership of all resources
Absence of government intervention
Combination of public and private ownership of resources
#9
Which of the following is a characteristic of a command economy?
Private ownership of resources
Decentralized decision-making
Market-driven allocation of resources
Centralized planning by the government
#10
What is the economic concept that describes the maximum amount of one good that must be given up to produce one more unit of another good?
Opportunity cost
Supply and demand
Market equilibrium
Price elasticity
#11
What is the concept of 'elasticity' in economics?
The responsiveness of quantity demanded to a change in price
The maximum price that consumers are willing to pay for a good
The total revenue earned by a firm
The total output produced by a firm
#12
Which of the following is a characteristic of perfect competition?
Many buyers and many sellers
A single seller dominating the market
Control over market price by individual firms
Product differentiation
#13
What is the formula for calculating unemployment rate?
Number of unemployed / Total labor force
Number of employed / Total labor force
Number of employed / Number of unemployed
Total labor force / Number of unemployed
Sign In to view more questions.
Quiz Questions with Answers
Forget wasting time on incorrect answers. We deliver the straight-up correct options, along with clear explanations that solidify your understanding.
Popular Quizzes in Economics
Report