Challenging Economic Concepts Test
A demanding set of questions probing deep economic theory and real‑world applications for advanced students.
Quiz Questions
Answer all questions below and test your knowledge.
- 1
Which equation best represents the long‑run relationship between unemployment and inflation in the Phillips curve framework?
- 2
The Taylor rule prescribes a nominal interest rate based on which two primary macro variables?
- 3
If the nominal exchange rate moves from 1.2 USD/EUR to 1.5 USD/EUR while U.S. inflation is 3% and Eurozone inflation is 1%, what does uncovered PPP predict about the U.S. dollar's real appreciation?
- 4
According to the Laffer curve, which scenario yields the highest tax revenue?
- 5
In the Mundell‑Fleming model with a fixed exchange rate and perfect capital mobility, which monetary policy action is effective in changing output?
- 6
A Gini coefficient of 0.45 for a country indicates what level of income inequality?
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