100 Short Questions and Answers on Global Economy
๐ 100 Short Questions and Answers on Global Economy
๐น Basic Concepts (1–20)
Q: What is the global economy?
A: The worldwide system of economic activities and trade.
Q: What is GDP?
A: Gross Domestic Product measures a country's total output.
Q: What is GNP?
A: Gross National Product includes income earned by nationals abroad.
Q: What is inflation?
A: A rise in general price levels.
Q: What is deflation?
A: A decrease in general price levels.
Q: What is recession?
A: A period of economic decline.
Q: What is economic growth?
A: Increase in a country’s production over time.
Q: What is per capita income?
A: Average income per person.
Q: What is globalization?
A: Integration of economies worldwide.
Q: What is trade?
A: Exchange of goods and services.
Q: What is export?
A: Selling goods to other countries.
Q: What is import?
A: Buying goods from other countries.
Q: What is balance of trade?
A: Difference between exports and imports.
Q: What is foreign exchange?
A: Currency used in international trade.
Q: What is capital?
A: Wealth used to produce goods.
Q: What is labor?
A: Human effort in production.
Q: What is market economy?
A: Economy driven by supply and demand.
Q: What is mixed economy?
A: Combination of private and government control.
Q: What is monopoly?
A: Single seller controls the market.
Q: What is competition?
A: Rivalry among businesses.
๐น International Institutions (21–40)
Q: What is IMF?
A: International Monetary Fund stabilizes global economy.
Q: What is World Bank?
A: Provides financial aid for development.
Q: What is WTO?
A: World Trade Organization regulates trade rules.
Q: What is UNCTAD?
A: UN agency promoting trade and development.
Q: What is OECD?
A: Organization for Economic Cooperation and Development.
Q: What is G20?
A: Group of major economies.
Q: What is G7?
A: Group of developed countries.
Q: What is ASEAN?
A: Southeast Asian economic organization.
Q: What is EU?
A: European Union, economic and political bloc.
Q: What is BRICS?
A: Group of emerging economies.
Q: What is FDI?
A: Foreign Direct Investment.
Q: What is FII?
A: Foreign Institutional Investment.
Q: What is bilateral trade?
A: Trade between two countries.
Q: What is multilateral trade?
A: Trade among many countries.
Q: What is tariff?
A: Tax on imports.
Q: What is subsidy?
A: Government financial support.
Q: What is trade barrier?
A: Restriction on international trade.
Q: What is free trade?
A: Trade without restrictions.
Q: What is protectionism?
A: Protecting domestic industries.
Q: What is economic sanction?
A: Trade penalty against a country.
๐น Financial Systems (41–60)
Q: What is banking?
A: Accepting deposits and lending money.
Q: What is central bank?
A: Bank controlling monetary policy.
Q: What is interest rate?
A: Cost of borrowing money.
Q: What is currency exchange rate?
A: Value of one currency against another.
Q: What is stock market?
A: Place where shares are traded.
Q: What is bond?
A: Loan made by investor to borrower.
Q: What is debt?
A: Money owed.
Q: What is credit?
A: Borrowed money to be repaid.
Q: What is fiscal policy?
A: Government spending and taxation policy.
Q: What is monetary policy?
A: Control of money supply.
Q: What is liquidity?
A: Ease of converting assets to cash.
Q: What is capital market?
A: Market for long-term funds.
Q: What is money market?
A: Market for short-term funds.
Q: What is digital currency?
A: Electronic form of money.
Q: What is cryptocurrency?
A: Digital decentralized currency.
Q: What is inflation targeting?
A: Controlling inflation through policy.
Q: What is public debt?
A: Government borrowing.
Q: What is deficit?
A: Spending exceeds revenue.
Q: What is surplus?
A: Revenue exceeds spending.
Q: What is financial crisis?
A: Collapse of financial system.
๐น Global Issues (61–80)
Q: What is poverty?
A: Lack of basic needs.
Q: What is unemployment?
A: Lack of jobs.
Q: What is inequality?
A: Unequal distribution of wealth.
Q: What is sustainable development?
A: Growth without harming future generations.
Q: What is climate change?
A: Long-term environmental change.
Q: What is carbon footprint?
A: Emissions caused by activities.
Q: What is green economy?
A: Eco-friendly economic system.
Q: What is energy crisis?
A: Shortage of energy resources.
Q: What is food security?
A: Access to sufficient food.
Q: What is population growth?
A: Increase in number of people.
Q: What is migration?
A: Movement of people.
Q: What is urbanization?
A: Growth of cities.
Q: What is industrialization?
A: Development of industries.
Q: What is digital economy?
A: Economy based on digital tech.
Q: What is gig economy?
A: Short-term work system.
Q: What is supply chain?
A: Network of production and delivery.
Q: What is globalization backlash?
A: Opposition to globalization.
Q: What is trade war?
A: Economic conflict between countries.
Q: What is pandemic impact on economy?
A: Disruption of global markets.
Q: What is economic recovery?
A: Improvement after recession.
๐น Advanced Concepts (81–100)
Q: What is comparative advantage?
A: Ability to produce at lower opportunity cost.
Q: What is absolute advantage?
A: Ability to produce more efficiently.
Q: What is opportunity cost?
A: Cost of next best alternative.
Q: What is elasticity?
A: Responsiveness of demand or supply.
Q: What is demand?
A: Desire to buy goods.
Q: What is supply?
A: Availability of goods.
Q: What is equilibrium?
A: Balance of supply and demand.
Q: What is productivity?
A: Output per unit input.
Q: What is innovation?
A: Introduction of new ideas.
Q: What is entrepreneurship?
A: Starting new businesses.
Q: What is human capital?
A: Skills and knowledge of people.
Q: What is capital flight?
A: Sudden withdrawal of capital.
Q: What is exchange control?
A: Regulation of foreign exchange.
Q: What is trade deficit?
A: Imports exceed exports.
Q: What is trade surplus?
A: Exports exceed imports.
Q: What is deregulation?
A: Removing government controls.
Q: What is privatization?
A: Transfer to private ownership.
Q: What is liberalization?
A: Reducing restrictions.
Q: What is economic integration?
A: Uniting economies.
Q: What is global recession?
A: Worldwide economic decline.
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