Economics Trivia Questions
Total Questions: 18
In a free market, what is the driving force alongside supply?
Very Easy
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demand
What is considered normal at a rate of 2 or 3% per year but is problematic when described as 'galloping'?
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inflation
What term describes a market in which only one producer exists, eliminating any competition?
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monopoly
What country is served by the central bank called the Bundesbank?
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germany
What is the term used for increasing government spending to spur national income and employment?
Easy
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pump
According to Gresham's Law, what does 'bad' currency drive out?
Easy
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money
Which Italian currency ceased to be used on July 1, 2002, when Europe switched to Euros?
Hard
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lira
Which Scottish economist started writing 'The Wealth of Nations' during his time as a tutor in France?
Hard
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adam smith
What type of levy is a VAT considered to be?
Hard
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tax
Which conservative economist known for his association with the 'Chicago School' once taught at the University of Chicago?
Hard
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milton friedman
What is the system called where goods or services are exchanged directly without using money?
Hard
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barter
What is the most prevalent 'Eurocurrency'?
Hard
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eurodollar
Which German economist researched his 1859 work 'Critique of Political Economy' at the British Museum?
Hard
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karl marx
Who is the current chairman of the Federal Reserve Board who was a dedicated follower and friend of Ayn Rand?
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alan greenspan
Who is considered the first of the classical economists?
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adam smith
Which Nobel Prize-winning economist is credited with the saying 'There's no such thing as a free lunch'?
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milton friedman
Who was the first American to win the Nobel Prize in Economics and authored a widely used college textbook?
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paul samuelson
In the U.S., which month marks the beginning of the government's fiscal year?
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october
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