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Economic environment in business

Quiz by Nekeisha King-Price

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6 questions
Show answers
  • Q1
    What is inflation?
    A general increase in prices and fall in the purchasing value of money.
    An increase in employment rates.
    A decrease in the production of goods and services.
    A decrease in prices and rise in the purchasing value of money.
    30s
  • Q2
    What is GDP?
    Gross Domestic Product
    Government Development Program
    General Domestic Profit
    Global Demand for Products
    30s
  • Q3
    What does the term 'market equilibrium' refer to?
    A state in which the government controls all aspects of the market.
    A state in which the demand for a product or service equals the supply, resulting in stable prices.
    A state in which there is no demand for a product or service, resulting in no supply.
    A state in which there is a shortage of a product or service, leading to increased prices.
    A state in which the supply of a product or service exceeds the demand, leading to decreased prices.
    30s
  • Q4
    What is a monopoly?
    A situation where companies collaborate to control the market share of a product or service.
    A situation where the government controls the production and distribution of a product or service.
    A situation where there is no competition in a market.
    A situation where one company has exclusive control over a product or service in a market.
    A situation where multiple companies compete for control over a product or service in a market.
    30s
  • Q5
    What is a recession?
    A situation where the demand for goods and services exceeds the available supply.
    A period of significant decline in economic activity, usually characterized by a decrease in GDP for two consecutive quarters.
    A state of perfect balance between supply and demand.
    A period of rapid economic growth and expansion.
    A government policy aimed at controlling inflation.
    30s
  • Q6
    What is the concept of supply and demand in economics?
    The price at which a product or service is sold in the market.
    The amount of money spent on purchasing goods and services.
    The quantity of a product or service that consumers are willing to buy at a specific price.
    The relationship between the availability of a product or service (supply) and the desire or need for the product or service (demand).
    The overall level of economic activity in a country.
    30s

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