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