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Advanced Economic Principles

Economics

A challenging assessment of fundamental economic concepts, history, and technical terminology.

macroeconomics microeconomics economic history

10 Questions Hard Ages 18+ Oct 27, 2026

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About this Study Set

This study set covers Economics through 10 practice questions. A challenging assessment of fundamental economic concepts, history, and technical terminology. Every question includes the correct answer so you can learn as you go — pick any format above to get started.

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1 Which economist is credited with formulating the 'Law of Comparative Advantage' in his 1817 work 'On the Principles of Political Economy and Taxation'?

A Adam Smith
B David Ricardo
C John Stuart Mill
D Thomas Malthus

2 What does the 'Gini coefficient' measure in an economy?

A Inflation volatility
B Market concentration
C Income inequality
D Public debt-to-GDP ratio

3 In the context of the Phillips curve, what is the theoretical relationship described between the two variables?

A Inflation and unemployment
B Interest rates and money supply
C GDP growth and trade deficit
D Savings rate and capital investment

4 What is the term for a market structure characterized by a single buyer?

A Monopoly
B Oligopsony
C Monopsony
D Duopoly

5 Which economic theory suggests that government spending stimulates demand and boosts economic activity, particularly during recessions?

A Supply-side economics
B Austrian school
C Keynesian economics
D Monetarism

6 The 'Liquidity Trap' occurs when monetary policy becomes ineffective because:

A Interest rates are near zero
B The central bank is insolvent
C Hyperinflation is rampant
D Trade barriers are too high

7 What is represented by the 'Lorenz Curve'?

A The relationship between tax rates and revenue
B The cumulative distribution of income
C The cost of producing a specific good
D The time value of money

8 Who is the author of 'The General Theory of Employment, Interest and Money', published in 1936?

A Friedrich Hayek
B Milton Friedman
C John Maynard Keynes
D Paul Samuelson

9 Which term refers to the cost of the next best alternative foregone when making a decision?

A Sunk cost
B Marginal cost
C Opportunity cost
D Fixed cost

10 In international trade, what is a 'non-tariff barrier'?

A An import quota
B A value-added tax
C A reduction in corporate tax
D An increase in customs duty

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