Economics Basics

Question 1

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

Possible answers:

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

Answer

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

Question 2

Question 2 : What currency is used in the eurozone?

Possible answers:

Euro
Franc
Dollar
Pound

Answer

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

Question 3

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

Possible answers:

L'inflation
La récession
La stagflation
La déflation

Answer

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

Question 4

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

Answer

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

Question 5

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

Possible answers:

Microsoft
Apple
Samsung
Nokia

Answer

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

Question 6

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

Answer

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

Question 7

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

Possible answers:

Speculation
An expansion
Inflation
A recession

Answer

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

Question 8

Question 8 : Which professional social network belongs to Microsoft?

Possible answers:

Twitter
Instagram
Facebook
LinkedIn

Answer

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

Question 9

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

Possible answers:

European Commission
FMI
European Central Bank
Banque mondiale

Answer

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

Question 10 : What is unemployment?

Possible answers:

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

Answer

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

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

Possible answers:

BMW
Volkswagen
Audi
Mercedes-Benz

Answer

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

Question 12

Question 12 : Which country is the world's largest oil exporter?

Possible answers:

Saudi Arabia
United States
Russia
Canada

Answer

Saudi Arabia is one of the world's largest oil exporters thanks to its immense reserves in the Arabian Peninsula.

Question 13

Question 13 : What currency is used in Japan?

Possible answers:

Le yuan
Le won
Le yen
Le baht

Answer

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

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

Answer

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

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

Possible answers:

Le Trésor
La Bourse
La Caisse
La Banque

Answer

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

Question 16

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

Possible answers:

Property tax
Income tax
Customs duties
VAT

Answer

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

Question 17

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

Possible answers:

But
IKEA
Maisons du Monde
Conforama

Answer

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

Question 18

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

Possible answers:

The SMIC
The RSA
The SMIG
The RMI

Answer

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

Question 19

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

Answer

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

Question 20

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

Possible answers:

An export
An import
Offshoring
A subsidy

Answer

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

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The 20 quiz questions

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

Question 2 : What currency is used in the eurozone?

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

Question 4 : What is a monopoly?

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

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

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

Question 8 : Which professional social network belongs to Microsoft?

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

Question 10 : What is unemployment?

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

Question 12 : Which country is the world's largest oil exporter?

Question 13 : What currency is used in Japan?

Question 14 : What is a stock share?

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

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

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

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

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

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

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