MCQ quiz on Economics

13 MCQ quiz questions on economics for MBA students and MBA aspirants. This section contains a quizlet on 'Economics' with 13 MCQ questions. Also, check a series of other MCQ quizzes on Banking, finance, and economics.

Instructions

Topic- Economics

The test consists of 13 questions.

No negative marking for this test.

No Time limit

The pass percentage is 70%

The correct answer with a description will be displayed after the answer has been marked.

Submit the test to calculate your score once you are done with all the questions.

Complexity Level- Moderate

Q1: Which of the following indexes measures the change over time in the prices paid by consumers for a representative basket of goods and services?

Inflation rate

CPI (Consumer Price Index)

GDP deflator

PPI (Producer Price Index)

Q2: Which of the following indexes measures the average change over time in selling prices received by domestic producers of goods and services?

PPI (Producer Price Index)

CPI (Consumer Price Index)

GDP deflator

Inflation rate

Q3: What are Oligopoly markets?

Markets that are dominated by a single supplier.

Markets that are dominated by a few sellers or suppliers.

Markets having complete ownership of Government.

A market in which there are many buyers and many sellers of an identical product.

Q4: A market structure characterized by a single seller, selling a unique product in the market is called ______

Perfect competition

Oligopoly market

Oligopsony

Monopoly market

Q5: What is the 'Balance of trade' in economics?

The difference between a country's exports and imports of goods.

The difference between demand and supply of goods.

The difference between Nominal and real GDP numbers.

None of the above.

Q6: What is a Trade deficit in economics?

Shortage of workforce to accomplish the infra projects.

Shortage of Government spending to accomplish the infra projects.

A situation in which the value of goods a country imports is greater than the value of goods it exports.

Shortage of demand for goods and services among consumers.

Q7: The study of individuals, households, and firm's behavior in decision-making and allocation of resources is termed as ______

Macroeconomics

Microeconomics

Socialism

Communism

Q8: The gradual reduction in the value of an asset (or a debt) over time is termed as ______

Appreciation

Deflation

Inflation

Amortization

Q9: Which of the following measures is taken by the central bank to control inflation?

Increase the cash flow in the market.

Reduce the cash reserve ratio

Raise the Cash reserve ratio

None of the above

Q10: A political and economic system in which property and the means of production are owned in common, typically controlled by the state or government.

Communism

Capitalism

Socialism

Populism

Q11: An economic system in which the means of production of goods or services are privately owned and operated for a profit is called _______

Communism

Capitalism

Socialism

Populism

Q12: What is the concept of 'elasticity' in economics?

The responsiveness of quantity demanded to a change in price.

The increase in demand w.r.t the supply.

The rise in price w.r.t the supply.

The rise in export w.r.t the import.

Q13: What does the term 'invisible hand' refer to in economic theory?

Unintended consequences of economic policies.

Government intervention in the market.

Market imperfections

Self-regulating nature of free markets.

Quiz on Economics - part 2
Banking and Finance quiz - 1
Banking and Finance quiz - 2

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MCQ quiz on Economics