Sciences Po and Grandes Ecoles Entrance Practice · Economics and Society
Economics and Society
27 practice questions, each with the answer and an explanation.
Practise Economics and Society now
Random questions from this topic, one at a time. You see the answer and the explanation straight after each one.
All 27 questions
- If demand for a good rises while supply stays the same, what is the likely effect on its price?
- What is meant by the opportunity cost of a decision?
- A worker's nominal wage rises by 3 percent while prices rise by 5 percent. What happens to the real wage?
- The price of a good rises by 4 percent and the quantity demanded falls by 8 percent. What is the price elasticity of demand?
- In a country 3 million people are unemployed and the labour force is 30 million. What is the unemployment rate?
- Which economist developed the theory of comparative advantage in the early 19th century?
- According to Keynesian economics, what should a government do in a deep recession?
- Which of the following is an example of monetary policy?
- What is the difference between a public deficit and public debt?
- If the marginal propensity to consume is 0.8, what is the simple spending multiplier?
- Which type of good is non-rival and non-excludable?
- Which of the following is an example of a negative externality?
- What is a progressive income tax?
- What is the usual effect of a central bank raising its key interest rate?
- What is the effect of a depreciation of a country's currency on its exports, other things being equal?
- How is the trade balance of a country calculated?
- What is a monopoly?
- Nominal GDP growth is 5 percent and inflation is 2 percent. About how much is real GDP growth?
- What relationship does the short-run Phillips curve describe?
- Which economist wrote The Wealth of Nations in 1776 and used the image of the invisible hand?
- What is a minimum wage?
- Which indicator measures the change in the prices of a typical basket of goods bought by households?
- What is stagflation?
- How is GDP per capita calculated?
- What does Pareto efficiency mean?
- What does the law of diminishing returns state?
- Which institution sets monetary policy for the euro area?
Keep practising
More Sciences Po and Grandes Ecoles Entrance Practice topics
- Quantitative Reasoning38 questions
- Passages and Logical Reasoning28 questions
- Contemporary Issues, International Institutions and Climate27 questions
- World History from 1648 to the Present27 questions
- Quantitative Economics22 questions
- World History: World Wars and the Cold War19 questions
- World History: Decolonisation and the Contemporary World17 questions
- Economic Concepts15 questions