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Economics Quiz 1
Fill in the correct answer to the question
Quiz by
SamT32
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Last updated: June 7, 2020
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First submitted
June 7, 2020
Times taken
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Average score
71.4%
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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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