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Socioeconomics - Test
Contributed by: Barron
  • 1. Socioeconomics is a multidisciplinary field that examines the interaction between social and economic factors in society. It seeks to understand how social structures, such as class, race, gender, and education, influence economic outcomes and vice versa. Socioeconomic research often explores issues such as income inequality, social mobility, poverty, access to resources, and economic development. By studying the relationship between society and the economy, socioeconomics can help identify opportunities for improving the well-being of individuals and communities through more equitable policies and programs.

    What does GDP stand for?
A) General Data Point
B) Global Distribution Process
C) Gross Domestic Product
D) Growth and Development Protocol
  • 2. Which of the following is NOT a measure of inequality?
A) GDP
B) Income distribution ratio
C) Palma ratio
D) Gini coefficient
  • 3. What does the Human Development Index (HDI) measure?
A) A measurement of individual happiness levels
B) A measure of human height distribution in a country
C) A composite statistic of life expectancy, education, and per capita income indicators
D) An index tracking animal species diversity
  • 4. What is social inequality?
A) The government control of all economic activities
B) Equal distribution of wealth among all citizens
C) The lack of personal responsibility for one's life
D) The state of unequal access to social and economic resources
  • 5. What is 'economic mobility'?
A) The movement of financial markets
B) The rate at which money changes hands within an economy
C) The ability of an individual to improve their economic status over time
D) The transfer of wealth generation to generation
  • 6. What is an 'unemployment rate'?
A) The ratio of employed vs. retired individuals
B) The amount of money people must pay for not working
C) The number of people receiving government assistance
D) The percentage of people who are unemployed and actively seeking jobs
  • 7. Which term best describes a condition where resources are limited compared to the wants and needs of people?
A) Surplus
B) Abundance
C) Scarcity
D) Overflow
  • 8. What is the difference between 'economic growth' and 'economic development'?
A) Economic growth is a short-term increase in profits, while economic development is the long-term sustainability of an economy
B) Economic growth is an increase in the output of goods and services in a country, while economic development includes improvement in living standards, infrastructure, and overall well-being
C) Economic growth is a government policy, while economic development is a business strategy
D) Economic growth only focuses on industry growth, while economic development includes social welfare
  • 9. What is the 'Laffer curve' used to illustrate?
A) The impact of inflation on interest rates
B) The relationship between labor and leisure choices
C) The relationship between tax rates and tax revenue
D) The choice between public and private goods
  • 10. What do the letters FDIC stand for in the context of banking?
A) Federal Deposit Insurance Corporation
B) Foreign Direct Investment Certificate
C) Federal Discount Interest Calculator
D) Financial Data and Information Center
  • 11. What does CPI stand for in economics?
A) Consumption and Production Index
B) Corporate Profit Indicator
C) Cost per Item
D) Consumer Price Index
  • 12. Which economic concept refers to the ability of an individual, company, or country to produce a good or service at a lower opportunity cost than competitors?
A) Absolute Advantage
B) Marginal Utility
C) Comparative Advantage
D) Specialization
  • 13. What term refers to the loss of jobs when companies move production overseas?
A) Outsourcing
B) Shutdown
C) Downsizing
D) Offshoring
  • 14. In economics, what is the term for the responsiveness of the quantity demanded of a good to a change in its price?
A) Surplus
B) Elasticity
C) Equilibrium
D) Scarcity
  • 15. Which of the following is a measure of income distribution within a population?
A) Gini Coefficient
B) Savings Rate
C) Unemployment Rate
D) Interest Rate
  • 16. What is the 'gender pay gap'?
A) The average wage of both genders
B) The difference in earnings between men and women in the workforce
C) The additional pay women receive for equal work
D) The same pay for the same job regardless of gender
  • 17. Which term refers to a sustained increase in the general price level of goods and services in an economy over a period of time?
A) Inflation
B) Recession
C) Stagflation
D) Deflation
  • 18. In economics, what is meant by the term 'comparative advantage'?
A) The measure of how much a product is demanded in comparison to others
B) When a country produces goods or services at a lower opportunity cost than other countries
C) The advantage a monopoly has over other firms
D) The ability to compare prices of similar products in different countries
  • 19. What is the term used to describe a market situation where there is only one seller and many buyers?
A) Monopsony
B) Perfect Competition
C) Monopoly
D) Oligopoly
  • 20. What is the term for the total value of a nation's exports minus the total value of its imports over a certain period?
A) Budget Deficit
B) Trade Balance
C) Profit Margin
D) National Debt
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