ECO | MCQs

Explanation

Deficit financing occurs when a government spends more than its revenue.

It often does so by borrowing or printing additional currency to cover the gap.

This is typically done to stimulate the economy.

Explanation

The three main economic growth indicators are the Consumer Price Index (CPI), Gross Domestic Product (GDP), and Unemployment Figures.

These indicators measure inflation, overall economic output, and job market health, respectively.

Explanation

'Laissez-Faire' is an economic principle that advocates for minimal government intervention in the economy.

It allowing businesses to operate freely without state interference.

Explanation

 In early 2022, Sri Lankans started experiencing power cuts and shortages of basics such as fuel.

The rate of inflation rose to 50% a year.

NA23-7-2023

Explanation

List of major Export Products of Bangladesh

1. Readymade Garments/Textile

2. Jute and Jute Products

3. Fish, Shrimps, and Prawns

4. Leather and Leather Products

Explanation

The Human Development Index (HDI) measures a country's average achievements in key dimensions of human development:

• Life expectancy (health)
• Education level
• Income (standard of living)

Explanation

The École Polytechnique massacre (French: tuerie de l'École polytechnique), also known as the Montreal massacre, was a 1989 antifeminist mass shooting at the École Polytechnique de Montréal in Montreal, Quebec. 

Explanation

Simon Johnson, James Robinson and Daron Acemoglu have been awarded 2024 Nobel Prize Economics.

Awarded for studies of how institutions are formed and affect prosperity.

Their book titled 'Power and Progress: Our Thousand-Year Struggle Over Technology and Prosperity'  was published in 2023

Both Simon Johnson and James Robinson are British-Americans.

Daron Acemoglu is a Turkish-American.

Additional Information:

Nobel Prize in Economics 2023 was awarded to Claudia Goldin

She is an American economic historian

Explanation

Simon Johnson, James Robinson and Daron Acemoglu have been awarded 2024 Nobel Prize Economics.

Awarded for studies of how institutions are formed and affect prosperity.

Their book titled 'Power and Progress: Our Thousand-Year Struggle Over Technology and Prosperity'  was published in 2023

Both Simon Johnson and James Robinson are British-Americans.

Daron Acemoglu is a Turkish-American.

Additional Information:

Nobel Prize in Economics 2023 was awarded to Claudia Goldin

She is an American economic historian

Explanation

Ben Bernanke, Douglas Diamond and Philip Dybvig have jointly won the 2022 Nobel Prize in Economics for research on banks and financial crises.

Ben Bernanke is an American economist.

Douglas Diamond, an economist from USA.

Philip Dybvig is also an economist from United States of America.