Economy

The term "austerity" in economics refers to?

A Increasing government spending
B Reducing government spending/deficit to control debt
C Currency devaluation
D Trade liberalization

Greece's sovereign debt crisis, prominent around 2010, was primarily eased through bailout support from?

A ASEAN
B EU and IMF
C African Union
D World Trade Organization

The European Union's common currency area is officially known as the?

A Schengen Area
B Eurozone
C European Economic Area
D Single Market

The Schengen Area primarily relates to?

A Common currency
B Border-free travel among member states
C Common trade tariffs
D Common taxation

Which country is not currently part of the Eurozone despite being an EU member?

A Germany
B France
C Poland
D Spain

The term "capital flight" refers to?

A Increase in foreign investment
B Rapid outflow of capital/assets from a country
C Government fiscal surplus
D Currency appreciation

"Currency devaluation" is done deliberately by a government to?

A Boost exports by making them cheaper
B Reduce exports
C Increase imports
D Raise domestic prices of exports

"Currency depreciation" differs from devaluation in that it occurs under?

A A fixed exchange rate system due to policy
B A floating exchange rate system due to market forces
C Barter systems
D Gold standard only

Which of the following best defines "recession"?

A A single quarter of low growth
B Two or more consecutive quarters of negative GDP growth
C High inflation with low growth
D Permanent economic decline

A "depression" differs from a recession mainly in terms of?

A Duration and severity being much greater
B Being shorter and milder
C Occurring only in agriculture
D Affecting only one sector

The term "business cycle" refers to fluctuations in economic activity through phases of?

A Only growth
B Expansion, peak, contraction, and trough
C Only recession
D Only inflation

Which international body sets global accounting standards known as IFRS?

A IASB (International Accounting Standards Board)
B IMF
C World Bank
D WTO

The term "shadow banking" refers to?

A Illegal banking activities only
B Non-bank financial intermediaries providing bank-like services
C Central bank operations
D Offshore tax havens only

"Tax haven" refers to a jurisdiction offering?

A High tax rates to attract revenue
B Low or no taxes to attract foreign capital
C Trade tariffs exemption only
D Free healthcare

The Panama Papers (2016) leak exposed information related to?

A Trade tariffs
B Offshore tax evasion and shell companies
C Currency manipulation
D Banking mergers

Which term describes global economic interdependence through trade, investment, and technology?

A Protectionism
B Globalization
C Nationalization
D Import substitution

"Import substitution industrialization" is a policy aimed at?

A Boosting imports over domestic production
B Replacing imports with domestically produced goods
C Increasing exports only
D Currency appreciation

Which of these countries pursued export-led growth successfully, becoming one of the "Asian Tigers"?

A South Korea
B India
C Pakistan
D Nepal

The "Asian Tigers" typically refer to South Korea, Taiwan, Hong Kong and?

A Singapore
B Malaysia
C Thailand
D Vietnam

The 1997 Asian Financial Crisis began primarily in?

A Japan
B Thailand
C China
D India

Which term refers to the ratio of a country's total debt to its GDP?

A Debt-to-GDP ratio
B Fiscal deficit ratio
C Trade ratio
D Savings ratio

"Twin deficits" typically refer to a country simultaneously having?

A Trade surplus and budget surplus
B Fiscal deficit and current account deficit
C Trade deficit and capital surplus
D Zero deficits

Which global index ranks countries on innovation capacity and output?

A Global Innovation Index
B Human Development Index
C Gini Index
D Corruption Perceptions Index

The term "circular economy" emphasizes?

A Linear consumption and disposal
B Reuse, recycling, and minimizing waste
C Only currency circulation
D Barter trade

Which UN agency focuses specifically on labour standards and employment issues globally?

A ILO (International Labour Organization)
B WHO
C UNESCO
D UNCTAD