Economics Essentials Quiz

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Core economics MCQs

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Wilma

South Africa

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Economics Essentials Quiz


Froggy Jumps Economics Essentials QuizOnline version Core economics MCQs by Wilma 1 9.Which account records exports, imports, and primary income flows of a country? a Current Account b Financial Account c Capital Account 2 10.The Financial Account in the balance of payments deals with: a Buying and selling goods only b International transactions in assets and liabilities c Services like tourism 3 11.Which of these is NOT a component of the Financial Account? a Consumer spending b Direct investment c Portfolio investment 4 12.What is a medium of exchange? a A government tax system b Anything generally accepted as payment for goods and services c A place where people trade shares 5 13.In a barter economy, what is required for trade to happen? a Double coincidence of wants b Only money-based exchange c Government approval 6 14.Which function of money allows goods and services to have prices expressed in rands and cents? a Medium of exchange b Unit of account c Store of value 7 15.Why is money considered a good store of value? a It can be exchanged for goods later and is convenient b It cannot be stolen c It always increases in worth 8 16.Which is the most liquid form of holding wealth? a Shares b Property c Money 9 20.What is the main goal of monetary policy? a To control money supply and interest rates for stable prices and growth b To increase government taxes c To fix exchange rates permanently 10 What does Gross Domestic Product (GDP) measure? a The total value of all final goods and services produced inside a country. b The total money spent on imports c The income of only government workers 11 Which of these is measured at current market prices and includes inflation? a Nominal GDP b Real GDP c Gini Coefficient 12 Which type of GDP removes the effect of price changes (inflation)? a Real GDP b Nominal GDP c Gross Profit 13 What are the three methods of calculating GDP? a Production, Income, Expenditure b Import, Export, Balance c Real, Nominal, Adjusted 14 What does Value Added mean in production? a The difference between what a business sells its product for and what it paid for inputs. b The tax a business pays c The profit from selling goods abroad 15 What does the Lorenz Curve show? a The level of inequality in income distribution b The balance of trade c The total money supply 16 Which index measures how prices of a typical shopping basket change over time? a Consumer Price Index (CPI) b Gini Coefficient c Balance of Payments 17 If prices of goods go up, and people need more money for the same items, this is called: a Inflation b Deflation c Income equality

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Economics Essentials Quiz

Froggy Jumps

About this activity

Created by

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Economics Essentials QuizOnline version

by Wilma

9.Which account records exports, imports, and primary income flows of a country?

10.The Financial Account in the balance of payments deals with:

11.Which of these is NOT a component of the Financial Account?

12.What is a medium of exchange?

13.In a barter economy, what is required for trade to happen?

14.Which function of money allows goods and services to have prices expressed in rands and cents?

15.Why is money considered a good store of value?

16.Which is the most liquid form of holding wealth?

20.What is the main goal of monetary policy?

What does Gross Domestic Product (GDP) measure?

Which of these is measured at current market prices and includes inflation?

Which type of GDP removes the effect of price changes (inflation)?

What are the three methods of calculating GDP?

What does Value Added mean in production?

What does the Lorenz Curve show?

Which index measures how prices of a typical shopping basket change over time?

If prices of goods go up, and people need more money for the same items, this is called: