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Business & EconomicsEasy

Economics Basics

GDP, monopoly, the single currency adopted in 2002 and the zone that uses it, the iPhone launched in 2007, the law of supply and demand, company shares and the market that trades them, the legal minimum wage in France, the monetary policy of the eurozone, unemployment and public finances: 20 questions to nail down the economic ideas that keep coming up in the news.

20

Questions

2

Minutes

Tip: Use keys 1-4 to answer quickly

The 20 quiz questions

Question 1 : What does the acronym "GDP" stand for?

Possible answers:

  • Gross International Production
  • Base Indicative Price
  • Gross Domestic Product
  • Bank Industrial Profit

Explanation: GDP (Gross Domestic Product) measures the total value of all goods and services produced in a country over a given period.

Question 2 : What currency is used in the eurozone?

Possible answers:

  • Euro
  • Franc
  • Dollar
  • Pound

Explanation: The euro (€) is the official currency of 20 European Union countries, used by over 340 million people since 2002.

Question 3 : What do you call a general and sustained rise in prices?

Possible answers:

  • Inflation
  • Recession
  • Stagflation
  • Deflation

Explanation: Inflation refers to the loss of purchasing power of money, reflected in a general and sustained rise in prices.

Question 4 : What is a monopoly?

Possible answers:

  • An agreement between companies
  • A single seller in the market
  • Two competing companies
  • A market with many sellers

Explanation: A monopoly is a market situation where a single company is the sole seller of a product or service, without competition.

Question 5 : Which company revolutionized the smartphone market with the iPhone in 2007?

Possible answers:

  • Microsoft
  • Apple
  • Samsung
  • Nokia

Explanation: Steve Jobs presented the first iPhone in January 2007. This device transformed the way we communicate and access information.

Question 6 : According to the law of supply and demand, what happens when demand increases?

Possible answers:

  • Supply automatically decreases
  • Prices decrease
  • Prices remain stable
  • Prices increase

Explanation: When demand for a good increases (with constant supply), prices tend to rise as buyers compete for limited quantities.

Question 7 : What do you call a prolonged period of economic decline?

Possible answers:

  • Speculation
  • An expansion
  • Inflation
  • A recession

Explanation: A recession is technically defined by two consecutive quarters of negative GDP growth.

Question 8 : Which professional social network belongs to Microsoft?

Possible answers:

  • Twitter
  • Instagram
  • Facebook
  • LinkedIn

Explanation: LinkedIn was acquired by Microsoft in 2016 for $26.2 billion.

Question 9 : Which institution manages the monetary policy of the eurozone?

Possible answers:

  • European Commission
  • IMF
  • European Central Bank
  • World Bank

Explanation: The European Central Bank (ECB), based in Frankfurt, has been responsible for eurozone monetary policy since 1998. It sets key interest rates and controls the eurozone money supply.

Question 10 : What is unemployment?

Possible answers:

  • Not having a job while looking for one
  • Being on sick leave
  • Working part-time
  • Being retired

Explanation: Unemployment refers to the situation of people of working age who are available and actively seeking employment but unable to find a job.

Question 11 : Which German car brand manufactures the A-Class and C-Class models?

Possible answers:

  • BMW
  • Volkswagen
  • Audi
  • Mercedes-Benz

Explanation: Mercedes-Benz is a German luxury car brand founded in 1926.

Question 12 : Which country was long the world's leading exporter of crude oil, thanks to its massive reserves?

Possible answers:

  • Saudi Arabia
  • The United States
  • Russia
  • Canada

Explanation: Saudi Arabia, with about 17% of proven world reserves, was long the leading crude oil exporter. Since 2019, the United States has become the leading exporter of all petroleum products combined.

Question 13 : What currency is used in Japan?

Possible answers:

  • The baht
  • The yen
  • The yuan
  • The won

Explanation: The yen (¥) has been Japan's official currency since 1871. It is the third most traded currency in the world after the US dollar and euro.

Question 14 : What is a stock share?

Possible answers:

  • A financial insurance
  • A loan to a company
  • A share of ownership in a company
  • A special bank account

Explanation: A stock represents a share of ownership in a company, giving the right to a share of profits (dividends) and voting at general meetings.

Question 15 : What is the name of the market where company shares are traded?

Possible answers:

  • The Treasury
  • The Stock Exchange
  • The Fund
  • The Bank

Explanation: The stock exchange is a financial market where securities such as stocks are bought and sold.

Question 16 : What is the tax on employment income called?

Possible answers:

  • Property tax
  • Income tax
  • Customs duties
  • VAT

Explanation: Income tax is a direct tax on the income of individuals, calculated on a progressive scale.

Question 17 : Which Swedish company is famous for its flat-pack furniture?

Possible answers:

  • But
  • IKEA
  • Maisons du Monde
  • Conforama

Explanation: IKEA was founded in Sweden in 1943 and has become the world leader in flat-pack furniture.

Question 18 : What is the legal minimum wage called in France?

Possible answers:

  • The SMIC
  • The RSA
  • The SMIG
  • The RMI

Explanation: The SMIC (Salaire Minimum Interprofessionnel de Croissance) is revised annually. It guarantees a minimum income to all employees.

Question 19 : What is it called when a government spends more than it earns in revenue?

Possible answers:

  • A budget deficit
  • A recession
  • Inflation
  • Deflation

Explanation: A budget deficit occurs when public spending exceeds revenue (taxes). France has been in near-continuous deficit since 1974.

Question 20 : What is the sale of goods or services to foreign countries called?

Possible answers:

  • An export
  • An import
  • Offshoring
  • A subsidy

Explanation: Exports are a pillar of international trade. France notably exports aeronautical products, wine, and luxury goods.

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