Key Economic Terms Test Online (Basic Economic Indicators)

Start your preparation for Key Economic Terms Test Online (Basic Economic Indicators). This online test contains important MCQs from past papers. Attempting this test will help you prepare for Annual Exams and Entry Tests. Read the questions carefully and select the correct option below to see your result.

Key Economic Terms Test Online (Basic Economic Indicators)

Key Economic Terms Test

Total Questions: 61
Time Allowed: 30 Minutes
Total Marks: 61
How to Attempt Test: Please choose the right Option in MCQ-type question.
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1. What is the concept of "opportunity cost" in economics?

2. What is "Foreign Direct Investment" (FDI)?

3. What is meant by "Fiscal Policy" in economic terms?

4. What is the purpose of a "trade surplus"?

5. What is "supply-side economics"?

6. What does "exchange rate" refer to in economics?

7. Which of the following is considered a key function of central banks?

8. What is the role of the World Trade Organization (WTO) in global trade?

9. What is "Trade Balance" in economic terms?

10. What is meant by the term "devaluation" of currency?

11. What is the difference between fiscal deficit and budget deficit?

12. What does "economic diversification" involve?

13. Which of the following is an indicator of "economic productivity"?

14. Which of the following is true about "economic growth"?

15. What is the main purpose of taxation in an economy?

16. What is the role of the Central Bank in an economy?

17. Which of the following describes "unemployment rate"?

18. Which of the following is the best example of a "consumer good"?

19. What does "economic diversification" refer to?

20. What does "market equilibrium" mean in economic terms?

21. What does "exchange rate" determine in international trade?

22. What is the "current account balance" in a country’s economy?

23. What does "National Debt" refer to in economic terms?

24. What does "debt-to-GDP ratio" measure?

25. What does the term "budget surplus" mean?


 

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