Economy Trivia Quiz

Think you know Economy? Here are 50 Economy trivia questions with answers — then play them live against real players in the free Triviarena quiz app.

1. What does the financial acronym "IPO" stand for?
   • Initial Public Offering
   • Internal Profit Objective
   • International Price Output
   • Indexed Portfolio Option
   Answer: Initial Public Offering
   An IPO, or Initial Public Offering, is the process where a privately held company begins selling shares to the public.
2. Which famous consumer brand was originally produced by Dow Chemical before being sold in 1997?
   • Ziploc
   • Tupperware
   • Glad
   • Rubbermaid
   Answer: Ziploc
   Dow produced consumer products like Ziploc bags and Saran wrap before selling them to S.C. Johnson in 1997 to focus on industrial materials.
3. What does the widely used U.S. credit scoring model acronym FICO stand for?
   • Fair Isaac Corporation
   • Federal Income Credit Office
   • Financial Investment Company
   • First International Credit Ops
   Answer: Fair Isaac Corporation
   FICO was originally known as the Fair Isaac Corporation, named after its founders Bill Fair and Earl Isaac.
4. For which two chains does Schwarz-Produktion mainly make private-label products?
   • Kaufland and PreZero
   • Lidl and Kaufland
   • Lidl and Tailwind
   • PreZero and Tailwind
   Answer: Lidl and Kaufland
   The text identifies Schwarz Produktion as a food production company that manufactures private-label products for the Lidl and Kaufland supermarket chains.
5. What economic condition of the 1970s challenged Keynesian economic theory?
   • Hyperinflation
   • Deflationary spiral
   • Stagflation
   • A liquidity trap
   Answer: Stagflation
   The text identifies stagflation, resulting from the 1970s oil shock, as a reason why Keynesian economics lost some influence.
6. What product line was dominated by IBM's System/360 in the 1960s and 1970s?
   • Personal Computers
   • Mainframe Computers
   • Microprocessors
   • Data Storage Tapes
   Answer: Mainframe Computers
   The text highlights that 'the IBM mainframe, exemplified by the System/360 and its successors, was the world's dominant computing platform.'
7. Which US state distributes an annual dividend to residents funded by its oil and gas revenues?
   • Alaska
   • Texas
   • North Dakota
   • Wyoming
   Answer: Alaska
   The Alaska Permanent Fund provides a yearly payment to nearly all state residents based on the state's oil and gas revenues.
8. In what year did the US Federal Reserve eliminate bank reserve requirements entirely?
   • 1971
   • 1999
   • 2008
   • 2020
   Answer: 2020
   In 2020, the Federal Reserve eliminated reserve requirements, opting instead to use interest rates paid on reserve balances to influence the economy.
9. In which nation is the Metical the official currency?
   • Angola
   • Mozambique
   • Tanzania
   • Zambia
   Answer: Mozambique
10. Which smaller unit of currency is equal to one-hundredth of a Russian ruble?
    • Kopeck
    • Groschen
    • Centime
    • Dirham
    Answer: Kopeck
    The Russian ruble is subdivided into 100 kopecks, though they have largely fallen out of use due to inflation.
11. Which international financial institution was created alongside the IMF in 1944?
    • The World Bank
    • European Central Bank
    • The Federal Reserve
    • World Trade Organization
    Answer: The World Bank
    The World Bank and the International Monetary Fund (IMF) were both established at the 1944 Bretton Woods Conference.
12. Which 2008 event remains the largest bankruptcy filing in United States history?
    • The collapse of Enron
    • The collapse of Lehman Brothers
    • The restructuring of General Motors
    • The bankruptcy of Washington Mutual
    Answer: The collapse of Lehman Brothers
    Lehman Brothers' 2008 bankruptcy holds the record for the largest in US history, surpassing WorldCom.
13. In economics, which term describes a market structure dominated by exactly two firms?
    • Duopoly
    • Monopoly
    • Oligopoly
    • Monopsony
    Answer: Duopoly
    A duopoly is a specific type of oligopoly where only two companies control the entire market for a good or service.
14. What is the official currency of the Russian Federation?
    • Ruble
    • Zloty
    • Lev
    • Forint
    Answer: Ruble
    The ruble is the official currency of Russia, issued by the Central Bank of Russia.
15. What primary industry does the American company Regeneron operate in?
    • Biotechnology
    • Consumer electronics
    • Automotive manufacturing
    • Financial services
    Answer: Biotechnology
    Regeneron is a major American biotechnology and pharmaceutical company that develops medical treatments.
16. Which automaker briefly became the world's most valuable company during a 2008 short squeeze?
    • Volkswagen
    • Toyota
    • General Motors
    • Ford
    Answer: Volkswagen
    In October 2008, hedge funds covering short positions drove Volkswagen's stock over €1,000 per share, briefly making it the world's largest company by market cap.
17. How did FDR insist the 1935 Social Security Act be funded to ensure its political survival?
    • Through payroll taxes
    • Through a national sales tax
    • Through wealth taxes
    • Through corporate taxes
    Answer: Through payroll taxes
    Roosevelt insisted Social Security be funded by payroll contributions so workers would have a legal and moral right to collect their benefits.
18. What type of financial instrument derives its value from an underlying asset like gold or oil?
    • Derivative
    • Blue-chip stock
    • Treasury bond
    • Certificate of deposit
    Answer: Derivative
    A derivative is a financial contract, such as a futures contract, whose value is tied to an underlying asset.
19. Though incorporated in the Netherlands, where are LyondellBasell's US operations headquartered?
    • Houston, Texas
    • New York City, New York
    • Chicago, Illinois
    • Atlanta, Georgia
    Answer: Houston, Texas
    As a major player in the petrochemical industry, the company maintains its US operational headquarters in Houston, Texas.
20. Which financial term describes when investment banks guarantee the sale of new securities?
    • Underwriting
    • Liquidation
    • Factoring
    • Securitization
    Answer: Underwriting
    Underwriting is the process by which investment banks raise capital from investors on behalf of corporations and governments by guaranteeing the sale of the new securities.
21. Which controversial American agricultural company did Bayer acquire in 2018 for $66 billion?
    • Monsanto
    • DuPont
    • Dow Chemical
    • Syngenta
    Answer: Monsanto
    Bayer's acquisition of Monsanto is considered one of the worst corporate mergers due to massive ongoing litigation over the herbicide Roundup.
22. Launched in 2010, which Nissan model became the world's best-selling electric car for a decade?
    • Leaf
    • Prius
    • Bolt
    • Volt
    Answer: Leaf
    The Nissan Leaf, introduced in 2010, was the world's top-selling highway-capable electric vehicle for nearly ten years.
23. Which European country was the first to issue paper money on a regular basis in 1661?
    • England
    • Sweden
    • France
    • Spain
    Answer: Sweden
    Sweden was the first European country to regularly introduce paper currency in 1661 because its copper coins were extraordinarily heavy.
24. What term did opponents of the US estate tax popularize in the 1990s to fuel public resentment?
    • Death tax
    • Grave tax
    • Reaper tax
    • Legacy penalty
    Answer: Death tax
    Political opponents of the estate tax successfully rebranded it as the 'death tax' in the 1990s to make it sound more punitive and increase voter opposition.
25. Which economist pioneered modern microfinance by founding the Grameen Bank in 1976?
    • Amartya Sen
    • Muhammad Yunus
    • Abhijit Banerjee
    • Hernando de Soto
    Answer: Muhammad Yunus
    Muhammad Yunus institutionalized the modern approach to microfinance when he founded the Grameen Bank in Bangladesh in 1976.
26. Which company was the largest employer in Palo Alto in 2023?
    • Hewlett-Packard
    • Google
    • Facebook
    • Amazon
    Answer: Hewlett-Packard
27. During the Greek debt crisis, the ECB, IMF, and European Commission were collectively known as what?
    • The Troika
    • The Triumvirate
    • The Trinity
    • The Triad
    Answer: The Troika
    The European Commission, European Central Bank, and International Monetary Fund were collectively referred to as the Troika during the bailout negotiations.
28. What economic term describes a country that imports a greater value of goods than it exports?
    • Trade deficit
    • Trade surplus
    • Fiscal cliff
    • Quantitative easing
    Answer: Trade deficit
    A trade deficit occurs when a nation's imports exceed its exports, meaning it buys more from abroad than it sells.
29. Aside from the 1973 oil crisis, what event caused Lamborghini's sales to plunge that decade?
    • Worldwide financial downturn
    • European steel shortage
    • Hyperinflation in Italy
    • New luxury tax laws
    Answer: Worldwide financial downturn
    Lamborghini experienced rapid growth initially, but a worldwide financial downturn combined with the 1973 oil crisis caused a massive drop in sales.
30. In 1925, BASF merged with Bayer and Hoechst to form which notorious chemicals conglomerate?
    • IG Farben
    • ThyssenKrupp
    • Krupp AG
    • Vereinigte Stahlwerke
    Answer: IG Farben
    BASF merged with several other German chemical companies in 1925 to form IG Farben, which later played a major role in the Nazi economy.
31. From 1886 to 1959, the price of a standard Coca-Cola was fixed at what amount?
    • 1 cent
    • 5 cents
    • 10 cents
    • 25 cents
    Answer: 5 cents
    Due to a loosely termed bottling contract and a massive advertising campaign, the price of a Coca-Cola remained fixed at exactly 5 cents for over 70 years.
32. In 2017, Atlassian spent $425 million to acquire which popular project management tool?
    • Trello
    • Slack
    • Asana
    • Notion
    Answer: Trello
    Atlassian expanded its portfolio of collaboration tools by purchasing Trello for $425 million in January 2017.
33. Which famous investor took control of Berkshire Hathaway in 1965 and built it into a giant?
    • Warren Buffett
    • George Soros
    • Carl Icahn
    • Peter Lynch
    Answer: Warren Buffett
    Warren Buffett began buying stock in the declining textile company in 1962 and took full control in 1965.
34. How is a country's balance of payments divided?
    • External balance and internal balance
    • Current account and capital account
    • Export and import balance
    • Trade balance and investment balance
    Answer: Current account and capital account
35. In 1998, Nasdaq became the first US stock market to conduct trading in what way?
    • Online
    • Via telephone only
    • Through blockchain
    • Using open outcry
    Answer: Online
    In 1998, Nasdaq became the first stock market in the United States to trade online.
36. What is gross domestic product (GDP)?
    • Total value of all goods and services in a country
    • Sum of all exports of a country
    • State revenue from taxes
    • Average salary of all employees
    Answer: Total value of all goods and services in a country
37. Which European country is noted for having the world's highest Value-Added Tax rate at 27%?
    • Sweden
    • Norway
    • Hungary
    • Denmark
    Answer: Hungary
    While Scandinavian countries have high VATs at 25%, Hungary has the highest rate globally at 27%.
38. Which organization instigated the 1973 oil crisis via an embargo against the US?
    • OAPEC
    • NATO
    • Warsaw Pact
    • ASEAN
    Answer: OAPEC
    The Organization of Arab Petroleum Exporting Countries (OAPEC) launched an oil embargo in 1973 against nations supporting Israel, causing a global economic recession.
39. In 2014, what did several European countries add to their GDP calculations to meet standards?
    • Prostitution and narcotics
    • Unpaid domestic labor
    • Cryptocurrency mining
    • Barter transactions
    Answer: Prostitution and narcotics
    In 2014, several European nations began including estimates for prostitution and drug sales in their GDP to align with international accounting standards.
40. Whose scientific principle was historically used to test if metal coins had been secretly shaved?
    • Archimedes
    • Pythagoras
    • Isaac Newton
    • Galileo Galilei
    Answer: Archimedes
    Archimedes' principle of buoyancy allowed merchants to test the fine weight and density of a coin to ensure it hadn't been debased or tampered with.
41. Which of these countries saw its economy grow during the 2007–2009 recession?
    • United States
    • Germany
    • Japan
    • China
    Answer: China
42. In the 2020 US Democratic primaries, what did Andrew Yang call his $1,000/month basic income policy?
    • Freedom Dividend
    • Liberty Grant
    • Patriot Stipend
    • American Allowance
    Answer: Freedom Dividend
    Andrew Yang's core policy in the 2020 Democratic primaries was a universal basic income of $1,000 a month, which he named the Freedom Dividend.
43. Which economic term describes a budget where financial expenses exceed revenues?
    • Surplus
    • Deficit
    • Dividend
    • Liability
    Answer: Deficit
    A deficit occurs when an entity spends more money than it brings in during a specific budget period.
44. Which major automotive group is controlled by the holding company Porsche SE?
    • Volkswagen Group
    • BMW Group
    • Mercedes-Benz Group
    • Stellantis
    Answer: Volkswagen Group
    Porsche SE, the holding company spun off from the original Porsche firm, has a controlling interest in the Volkswagen Group.
45. During a trial of China's digital Yuan, what feature was programmed into the currency to force spending?
    • An expiration date
    • Automatic tax deduction
    • Location restrictions
    • Variable exchange rates
    Answer: An expiration date
    To encourage economic activity and discourage saving, the digital Yuan in the Shenzhen trial was programmed to expire if not used.
46. What Greek letter names Ray Dalio's flagship fund, representing risk-adjusted excess returns?
    • Alpha
    • Beta
    • Gamma
    • Delta
    Answer: Alpha
    In Wall Street terminology, 'Alpha' represents the excess returns a money manager can create above market returns.
47. What alternative to patenting provides a competitive advantage but risks reverse engineering?
    • Trade secret
    • Copyright
    • Trademark
    • Open-source license
    Answer: Trade secret
    Trade secrets avoid government fees and public disclosure, but their main disadvantage is vulnerability to reverse engineering.
48. Launched in 2014, what is the name of Uber's massive global food delivery service platform?
    • Uber Eats
    • Uber Food
    • Uber Dine
    • Uber Meals
    Answer: Uber Eats
    Uber Eats was launched in 2014 and has grown into a major revenue stream for the company, handling millions of delivery orders daily.
49. Who founded Honda Motor Co. in 1948?
    • Kiichiro Toyoda
    • Akio Morita
    • Eiji Toyoda
    • Soichiro Honda
    Answer: Soichiro Honda
50. Which nation has the Tenge as its official currency?
    • Uzbekistan
    • Kyrgyzstan
    • Kazakhstan
    • Turkmenistan
    Answer: Kazakhstan