German Abitur · Politics and Economics

Economics and the Social Market Economy

19 practice questions, each with the answer and an explanation.

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Random questions from this topic, one at a time. You see the answer and the explanation straight after each one.

All 19 questions

  1. What does the term social market economy (Soziale Marktwirtschaft) mean?
  2. What does GDP measure?
  3. What happens to the purchasing power of money when inflation rises?
  4. Nominal GDP grows by in a year in which prices rise by . What is the approximate real growth?
  5. What is the primary goal of the European Central Bank?
  6. What happens to the price in a market if demand rises while supply stays fixed?
  7. Demand for a good falls by when its price rises by . What is the price elasticity of demand?
  8. What does a progressive income tax mean?
  9. How is the German statutory pension insurance mainly financed?
  10. What is meant by Tarifautonomie (collective bargaining autonomy)?
  11. What does the German 'debt brake' (Schuldenbremse) do?
  12. What is a monopoly?
  13. What does the principle of comparative advantage say about international trade?
  14. What is the difference between fiscal and monetary policy?
  15. What kind of unemployment results from a lasting mismatch between workers' skills and the jobs available?
  16. A country exports goods worth billion euros and imports goods worth billion euros. What is its trade balance?
  17. What are the three dimensions of sustainable development?
  18. Which currency did Germany use before the euro in cash form in 2002?
  19. What is 'opportunity cost'?

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