Economy Quiz ChallengeOnline version Test your knowledge about economic concepts and terms in this fun quiz game! by Muhammad Qahhorov 1 What is GDP an abbreviation for? a General Domestic Product b Gross Development Product c Global Domestic Product d Gross Domestic Product 2 Which term describes the total value of goods and services produced in a country? a Gross National Product b Economic Output c Net Domestic Product d Gross Domestic Product 3 What is inflation? a Increase in wages b Decrease in prices over time c Stability of prices d Increase in prices over time 4 What does a recession typically indicate? a A decline in economic activity b Stability in markets c Growth in GDP d Increase in employment 5 What is the primary goal of monetary policy? a Increase taxes b Reduce government spending c Control inflation d Boost exports 6 What is a market economy? a An economy based on supply and demand b An economy controlled by the government c An economy with fixed prices d An economy with no trade 7 What is the term for the amount of money available for spending? a Liquidity b Equity c Debt d Capital 8 What does the term 'fiscal policy' refer to? a Stock market regulations b Central bank interest rates c Government spending and taxation decisions d Trade agreements 9 What is a trade deficit? a When imports exceed exports b When tariffs are applied c When exports exceed imports d When trade is balanced 10 What is the purpose of tariffs? a To promote free trade b To lower prices c To protect domestic industries d To increase foreign investment
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