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Economics Quiz 1 - Statistics
General Stats
- This quiz has been taken 521 times
- The average score is 10 of 14
Answer Stats
| Hint | Answer | % Correct |
|---|---|---|
| How do we measure economic growth | Real GDP | 87%
|
| When Supply is equal to Demand | Equilibrium | 86%
|
| The increase in the general price level | Inflation | 86%
|
| 2 consecutive quarters of negative GDP | Recession | 79%
|
| A Tax on Imports | Tariff | 79%
|
| One Seller in the market | Monopoly | 78%
|
| The Father of Economics | Adam Smith | 75%
|
| What policy do central banks use | Monetary Policy | 71%
|
| The value of the next best alternative forgone | Opportunity Cost | 70%
|
| C + I + G + (X - M) | Aggregate Demand | 67%
|
| When Government Expenditure exceeds Tax Revenue | Budget Deficit | 66%
|
| How do we measure development | HDI | 48%
|
| The decrease in average cost as output increases | Economies of Scale | 42%
|
| One Buyer in the market | Monopsony | 38%
|
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