QUIZ PONG

1. I have 5 letters. I’m usually referred to as 'at a particular point of time'. Which concept
am I?
STOCK

2. I am known by different names in different countries. In UK I'm known as Bank of

England and in USA I'm known as Federal Reserve System. Who am I?
CENTRAL BANK

3. RBI has been actively using me to control credit. I discourage borrowers from taking
loans. Identify me.
BANK RATE/ DISCOUNT RATE

4. My value is different in different countries. I have legal tender power. I have been here
for the last 3000 years. Who am I?
MONEY

5. I am so important that it is legally compulsory for banks to keep me, i.e; a certain
minimum fraction of their deposits. Who am I?
LEGAL RESERVE RATIO/RESERVE DEPOSIT RATIO

6. What type of economy does the U.S. have?

MIXED ECONOMY

7. For centuries, the South focused on crops like tobacco and cotton. What is this called?
SPECIALIZATION

8. It refers to the lowest wage permitted by law below which if paid by employer will
subject him to penalty from the government.
MINIMUM WAGE

9. Give the formula for GDP.

Y = C+I+G+NX

10. If the overall demand for meat goes up, what will probably happen to the price of
hamburgers?
PRICE INCREASES

11. The 4 Factors of Production (FOP) are? LAND, LABOR, CAPITAL,

ENTREPRENEURSHIP