The global economy is a complex and evolving beast, interweaving the destinies of nations, industries, and individuals. But how much do you know about the forces shaping this global phenomenon? Test your knowledge with this fun and informative GK quiz!
1. What is the most common measure of a country's economic size?
A) population
B) land area
C) gross domestic product (GDP)
D) military spending
Answer: C)
Explanation: The Federal Reserve Bank of St. Louis says: “The most common measure of an economy is called gross domestic product (or GDP). GDP measures the sum of the market value of all final goods and services produced within an economy in a given year. ”
2. Which international organization oversees the world's financial system?
A) World Trade Organization
B) International Monetary Fund
C) United Nations Development Program
D) World Bank
Answer: B)
Description: The IMF helps member countries achieve sustainable economic growth and reduce poverty through financial assistance, policy advice, and capacity building.
3. Which economic system relies heavily on government intervention and central planning?
A) capitalism
B) command economy
C) mixed economy
D) socialism
Answer: D)
Explanation: Socialist economies generally involve strong government control over the production, distribution, and pricing of goods and services. This approach aims to achieve more equal access to resources such as education and health care.
4. What do you call a period of sustained economic decline?
A) recession
B) stagnation
C) depression
D) deflation
Answer: A)
Explanation: The Reserve Bank of Australia says: “A recession can be defined as a period of weak or negative growth in real GDP (output) accompanied by a significant increase in the unemployment rate. During a recession, many other indicators of economic activity also decline. .”
5. Which country currently has the largest nominal GDP?
A) China
B) Japan
C) United States
D) Germany
Answer: C)
Description: According to Global PEO Services, the United States continues to hold the title of the world's largest economy with a staggering GDP of $20.89 trillion.
6. What is the name of the digital currency that China recently issued?
A) Renminbi
B) Alipay
C) Renminbi Digital Renminbi
D) electronic renminbi
Answer: D)
Description: e-CNY is China's first foray into central bank digital currency.
7. What is the name of the world's largest free trade agreement based on GDP?
A) NAFTA
B) RCEP
C) CPTPP
D) the EU single market
Answer: B)
Description: The Department of Foreign Affairs and Trade states that “RCEP is the world's largest free trade agreement based on member countries' GDP.”
8. What is the full form of BRICS?
A) The rapidly emerging international business community
B) A booming resource and infrastructure creation force
C) Brazil, Russia, India, China, South Africa
D) Bureaucratic Consumer Expenditure Institute
Answer: C)
Description: BRICS stands for Brazil, Russia, India, China, and South Africa. The term BRICs (excluding South Africa) was originally coined by Goldman Sachs economist Jim O'Neill in 2001, when he called these four economies his vision for the world economy by 2050. was conceived to dominate. It was in 2010 that South Africa became included.
9. Bitcoin and other cryptocurrencies are classified as follows:
A) Digital assets based on blockchain technology
B) Commodities such as gold and oil
C) foreign exchange currencies used in international trade.
D) traditional stocks and bonds traded in financial markets.
Answer: A)
Description: The IRS describes cryptocurrencies as follows: “Digital assets are broadly defined as digital representations of value recorded on a cryptographically secured distributed ledger or similar technology specified by the Secretary.Digital assets include convertible virtual currencies and cryptocurrencies. including (but not limited to).
10. Which of the following is accurate regarding the world economy?
A) Only one country is involved
B) Applies only to tourists.
C) involves multiple countries
D) Only two countries are involved.
Answer: C)
Explanation: The world economy, by definition, involves a variety of countries that interact through trade, finance, and other economic activities.
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