Economic Literacy Quiz: Do You Understand Your Economic World?

economic literacy quiz

We’ve created this economic literacy quiz to help you work out just how much you know about the economy.

Are you a regular Milton Friedman, or did you learn everything you know from Lehman Brothers?

A lot of people don’t care to know about the economy.

To them it is just something that’s there, doing its thing, and they’ll rarely give it much of a thought.

Having a good grasp of it can be very advantageous, however, and to many, it is actually very interesting.

We’re guessing you’re here because you share that opinion.

So, what are you waiting for? Let’s start the quiz and see how much you know!.

  • Question of

    Which of these countries has the largest economy?

    • USA
    • Germany
    • China
    • Russia
  • Question of

    What is the IMF?

    • Issued Mandatory Finance
    • International Monetary Fund
    • Integral Mandate Fund
    • Integrated Measure of Finance
  • Question of

    Services make up what percentage of the US economy?

    • Approximately 30
    • Approximately 50
    • Approximately 70
    • Approximately 90
  • Question of

    What is shorting?

    • Profiting from rising stock
    • Profiting from holding stock
    • Buying low and selling high
    • Profiting from falling stock
  • Question of

    What is an entrepreneur?

    • Someone who becomes the manager of a business
    • Someone who works for a business
    • Someone who starts a new business
    • Someone who buys from a business
  • Question of

    When did the first currency emerge?

    • About 500 years ago
    • About 1000 years ago
    • About 3000 years ago
    • About 5,000 years ago
  • Question of

    Who is considered the ‘father of economics’?

    • John Maynard Keynes
    • Alfred Marshall
    • Robert Lucas Jr
    • Adam Smith
  • Question of

    What does GDP stand for?

    • Gross Domestic Produce
    • Gross Domestic Product
    • Great Domestic Product
    • Great Domicile Produce
  • Question of

    What is inflation?

    • The growth of stocks
    • When a currency gains value
    • The fall of purchasing power of currency
    • When an economy grows
  • Question of

    Who said “stock prices have reached what looks like a permanently high plateau” 3 days before the market crash of 1929?

    • John Bates Clark
    • Irving Fisher
    • James Tobin
    • Alan Greenspan