What is Gross Domestic Product (GDP)?

The total market value of finished goods and services produced in a country in a given year.

The total market value of all assets in a country.

The total market value of imports and exports in a country.

The total market value of consumer goods in a country.

What does Industrial Production report on?

Changes in the production of finished goods.

Changes in the production of factories, mines, and utilities.

Changes in the production of agricultural products.

Changes in the production of consumer goods.

What does Consumer Price Index (CPI) measure?

Changes in industrial production.

Retail price changes and consumer costs.

Total market value of goods and services.

Employment trends in the consumer sector.

What does the term 'Arbitrage' mean?

A rise in the value of an asset

Buying an asset in one market and selling it in another at a higher price.

The total of all money coming into a country from abroad.

When a court judges that a debtor is unable to make payments owed to a creditor.

In Feudalism, what do lords provide to peasants in return for leasing land to them?

Ownership of means of production

What does 'Deflation' refer to?

A rise in the value of an asset

A persistent fall in the general price level of goods and services.

A fall in the value of an asset or currency.

The tendency of revenue from taxation to rise as a share of GDP.

What is 'Laissez-faire'?

A measure of the responsiveness of demand to a change in price.

The belief that an economy functions best with no government interference.

An annual procedure to decide public spending.

An interest-bearing security issued by governments.

Introduction to Economics Free MCQ Practice Test with Solutions

	SSC CGL Tier 2 - Study Material, Online Tests, Previous Year 1365 videos\|1312 docs\|1010 tests

	SSC CGL Tier 2 - Study Material, Online Tests, Previous Year 1365 videos\|1312 docs\|1010 tests

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