Economics Quiz

1. Which one of the following is a need?

Car

Mobile Phone

Food

Insurance

2. Dollar is the currency of India?

True

False

The currency of India is the rupee.

Explanation

The currency of India is the rupee.

3. There are different types of economic systems. What type of economic system do we have in Ireland?

Closed

Free-market

Centrally-planned

Mixed

4. The increase in the production of goods and services from one year to the next is known as..?

Inflation

Economic growth

Unemployment

None of the above

5. €1 = YEN125 You have YEN450 left over from a school tour. How much in Euro will you get for your YEN?

€5,625

€3.60

€360

€56,250

450 / 125 = 3.60

Explanation

450 / 125 = 3.60

6. Profit is one of the factors of production.

True

False

7. Which one of the following factors of production would machinery belong to?

Land

Labour

Capital

Enterprise

8. If something cost €200 last year and is now priced at €210, what is the rate of inflation?

5%

10%

€10

None of the above

The price has increased by €10.

€10/€200 x 100 = 5%

Explanation

The price has increased by €10.

€10/€200 x 100 = 5%

9. What is used to measure the inflation rate in Ireland?

GNP

CPI

Consumer Price Index

Explanation

Consumer Price Index

10. €1 = $1.32 You have €500. How much will you get in dollars from the Bureau de Change in your bank?

$500

$378.79

€660

$660

500 x 1.32 = $660

Explanation

500 x 1.32 = $660

11. GDP stands for "General Domestic Product".

True

False

GDP stands for Gross Domestic Product.

Explanation

GDP stands for Gross Domestic Product.

12. IMF stands for..?

Irish Monetary Facility

International Money Fund

International Monetary Fee

International Monetary Fund

13. Seán had €15 to spend. He could have purchased a DVD or a football shirt. He decided to buy the DVD. What is the financial cost of his decision?

Not buying the football shirt

€15

The Opportunity Cost

The DVD

14. The current National Budget is which one of the following?

Budget Deficit

Budget Surplus

Balanced Budget

15. Visible imports = €40bn Visible exports = €100bn Invisible imports = €60bn Invisible exports = €130bn Calculate the Balance of Payments?

Surplus €100bn

Deficit €10bn

Surplus €130bn

Deficit €130bn

16. The Balance of Trade only records the imports and exports of services.

True

False

The Balance of Trade only records the imports and exports of goods.

Explanation

The Balance of Trade only records the imports and exports of goods.

17. The European Central Bank is based in Luxembourg.

True

False

It's based in Frankfurt.

Explanation

It's based in Frankfurt.

18. Debt Servicing is an example of capital expenditure by the government.

True

False

Debt Servicing is where the government is paying interest on the National Debt each year. This is an example of current expenditure.

Explanation

Debt Servicing is where the government is paying interest on the National Debt each year. This is an example of current expenditure.

19. Which one of the following companies was privatised by the government?

AIB

Irish Nationwide

EBS

Aer Lingus

20. Which one of the following countries is not a member of the Euro?

Malta

Slovenia

Denmark

Italy

Economics Quiz

1. Which one of the following is a need?

2.

What first name or nickname would you like us to use?

2. Dollar is the currency of India?

3. There are different types of economic systems. What type of economic system do we have in Ireland?

4. The increase in the production of goods and services from one year to the next is known as..?

5. €1 = YEN125 You have YEN450 left over from a school tour. How much in Euro will you get for your YEN?

6. Profit is one of the factors of production.

7. Which one of the following factors of production would machinery belong to?

8. If something cost €200 last year and is now priced at €210, what is the rate of inflation?

9. What is used to measure the inflation rate in Ireland?

10. €1 = $1.32 You have €500. How much will you get in dollars from the Bureau de Change in your bank?

11. GDP stands for "General Domestic Product".

12. IMF stands for..?

13. Seán had €15 to spend. He could have purchased a DVD or a football shirt. He decided to buy the DVD. What is the financial cost of his decision?

14. The current National Budget is which one of the following?

15. Visible imports = €40bn Visible exports = €100bn Invisible imports = €60bn Invisible exports = €130bn Calculate the Balance of Payments?

16. The Balance of Trade only records the imports and exports of services.

17. The European Central Bank is based in Luxembourg.

18. Debt Servicing is an example of capital expenditure by the government.

19. Which one of the following companies was privatised by the government?

20. Which one of the following countries is not a member of the Euro?