Economics Quiz 1

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Last updated: June 7, 2020

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Hint	Answer
The Father of Economics	Adam Smith
A Tax on Imports	Tariff
What policy do central banks use	Monetary Policy
When Government Expenditure exceeds Tax Revenue	Budget Deficit
2 consecutive quarters of negative GDP	Recession
The value of the next best alternative forgone	Opportunity Cost
One Seller in the market	Monopoly
One Buyer in the market	Monopsony
When Supply is equal to Demand	Equilibrium
The decrease in average cost as output increases	Economies of Scale
The increase in the general price level	Inflation
How do we measure economic growth	Real GDP
How do we measure development	HDI
C + I + G + (X - M)	Aggregate Demand

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