Economic Concepts Quiz

Which of the following is a macroeconomic objective?

• Reducing personal debt

• Increasing a firm's profits

• Achieving economic growth

• Launching a new product

Which is NOT a key indicator of economic performance?

• Inflation rate

• Employment rate

• Exchange rate

• Brand reputation

What does economic growth refer to?

• Increase in interest rates

• Increase in national income over time

• Decrease in consumer spending

• Fall in inflation

What is a recession?

• A time of falling population

• Two consecutive quarters of negative economic growth

• A rise in inflation

• An increase in exports

Which graph best represents economic growth and recession?

• Demand and supply graph

• Economic cycle showing peaks and troughs

• Bar chart of inflation

• Pie chart of GDP sectors

Which of the following is a cause of economic growth?

• Higher unemployment

• Increase in productivity

• More imports

• Reduction in investment

Which is a cost of economic growth?

• Improved public services

• Environmental damage

• Higher GDP

• Better employment opportunities

What is included in the balance of payments?

• Government budget

• Personal savings

• Imports and exports

• National debt

What is inflation?

• A fall in general price levels

• A rise in employment

• A rise in the general price level

• An increase in exports

What is deflation?

• A decrease in unemployment

• An increase in wages

• A general fall in prices

• A rise in government spending