Statistics for Economics Quiz 1

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Hint	Answer	% Correct
How do we measure economic growth	Real GDP	88%
The increase in the general price level	Inflation	87%
When Supply is equal to Demand	Equilibrium	86%
2 consecutive quarters of negative GDP	Recession	79%
One Seller in the market	Monopoly	78%
The Father of Economics	Adam Smith	76%
A Tax on Imports	Tariff	74%
The value of the next best alternative forgone	Opportunity Cost	71%
What policy do central banks use	Monetary Policy	70%
C + I + G + (X - M)	Aggregate Demand	68%
When Government Expenditure exceeds Tax Revenue	Budget Deficit	64%
How do we measure development	HDI	48%
The decrease in average cost as output increases	Economies of Scale	46%
One Buyer in the market	Monopsony	38%