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Quizzes > Business & Finance > Finance & Economics

Economics Image Quiz: Can You Identify These Concepts?

Ready to dive in? Take this economic concepts quiz and identify economic images!

Difficulty: Moderate
2-5mins
Learning OutcomesCheat Sheet
Paper art showing deglobalisation graphic broken chains currency devaluation coins melting on golden yellow background

Ready to put your knowledge to the test? Dive into our Economics Image Quiz: Identify Economic Concepts Challenge, a fun economic concepts quiz designed for students and enthusiasts alike. You'll learn to spot key economic phenomena - from deglobalisation and currency devaluation to inflation and supply-and-demand shifts - through compelling visuals. This economics image quiz sharpens your economic image identification skills and doubles as a quick economics test online. Whether you're brushing up on macro fundamentals or seeking a fun break, this identify economic images quiz delivers instant feedback and boosts your confidence. After each question, get instant explanations and handpicked tips to refine your understanding of economics vocab words across the board. Explore economics in the global age to prep, then jump in and try our economics practice quiz . Ready to spot the signs and ace your econ insights? Start now!

In an image where price tags are shown falling steadily, which economic concept does this illustrate?
Inflation
Deflation
Stagflation
Recession
Deflation refers to a sustained decrease in the general price level of goods and services, often illustrated by falling price tags. It contrasts with inflation, where prices rise over time. Deflation can increase the real value of money but may also signal weak demand. Learn more
In an image depicting price tags or a bar chart rising upward, what concept is shown?
Deflation
Currency Appreciation
Deglobalization
Inflation
Inflation is characterized by a sustained increase in the general price level of goods and services, often depicted with upward-trending price tags or charts. It indicates that consumers need more money to purchase the same basket of goods over time. Central banks monitor inflation closely to guide monetary policy. Learn more
An image shows country flags with broken shipping containers and reduced arrows between them. Which concept is illustrated?
Free Trade
Deglobalization
Protectionism
Globalization
Deglobalization describes the process where nations reduce cross-border trade, investment, and integration, often shown by broken supply chains and reduced shipping. It contrasts with globalization, which involves increasing economic interdependence. Deglobalization can result from trade barriers or shifts toward domestic production. Learn more
An image shows a currency symbol breaking apart or dropping in value. What concept is this?
Currency Devaluation
Deflation
Hyperinflation
Currency Appreciation
Currency devaluation is a deliberate downward adjustment of a country's currency value relative to another currency, often shown by a falling currency symbol. Governments or central banks devalue to boost exports by making them cheaper abroad. This can also increase the local cost of imports and contribute to inflation. Learn more
An image depicts two national flags represented as boxing gloves. Which economic phenomenon is this?
Tariff
Currency War
Monetary Policy
Trade War
A trade war refers to a situation where countries impose tariffs or other trade barriers against each other in response to similar actions. It's often depicted as a battle or boxing match between nations. Trade wars can slow global economic growth and increase consumer prices. Learn more
A chart shows GDP data with two consecutive quarters of negative growth. What economic condition does this represent?
Stagflation
Depression
Recession
Economic Boom
A recession is technically defined as two consecutive quarters of negative GDP growth, often shown in a downward-sloping GDP chart. It indicates a significant decline in economic activity across the economy. Recessions typically involve rising unemployment and reduced consumer spending. Learn more
An image shows high price tags alongside an unemployment graph that is also rising. Which economic scenario is depicted?
Stagflation
Hyperinflation
Inflation
Deflation
Stagflation is a combination of stagnating economic growth, high unemployment, and high inflation. It's illustrated by rising prices and rising joblessness simultaneously. This scenario is challenging for policymakers because measures to curb inflation can worsen unemployment and vice versa. Learn more
An image shows a central bank's printing press producing money with arrows into the economy. What policy is this?
Quantitative Easing
Currency Peg
Austerity
Fiscal Stimulus
Quantitative easing is a monetary policy where a central bank purchases government securities or other financial assets to inject liquidity into the economy. It's often depicted as money being printed and funneled into markets. QE aims to lower interest rates and stimulate borrowing and investment. Learn more
An image illustrates container ships piled up at a port, delaying cargo. Which concept does this represent?
Globalization
Supply Chain Disruption
Trade Facilitation
Comparative Advantage
Supply chain disruption occurs when normal flow of goods is interrupted, often shown by port congestion or stranded vessels. Disruptions can arise from natural disasters, geopolitical tensions, or labor strikes. They can increase costs and delay delivery of products worldwide. Learn more
An image shows a bank building with an arrow pointing upward next to an interest rate symbol. Which policy is being illustrated?
Interest Rate Hike
Quantitative Easing
Fiscal Expansion
Currency Devaluation
An interest rate hike is when a central bank raises the policy rate to curb inflation or cool an overheating economy, often depicted by an upward arrow next to interest symbols. Higher rates make borrowing more expensive, slowing spending and investment. This tool is central to monetary policy adjustments. Learn more
An image shows two countries exchanging goods with graphs of opportunity costs. Which trade theory does this illustrate?
Trade Balance
Comparative Advantage
Absolute Advantage
Protectionism
Comparative advantage occurs when a country can produce a good at a lower opportunity cost than another, encouraging mutually beneficial trade. It's often illustrated by comparing production costs and specialized exchanges. This principle underlies why nations trade even if one is absolutely more efficient in all goods. Learn more
An image shows a currency symbol with an upward arrow relative to others. What does this represent?
Currency Appreciation
Inflation
Currency Devaluation
Trade Surplus
Currency appreciation is an increase in the value of one currency relative to another, often shown with an upward arrow. A stronger currency makes imports cheaper and exports more expensive. It can result from higher interest rates or positive economic indicators. Learn more
An image shows a balance sheet representing a fixed exchange rate against another currency with central bank interventions. Which arrangement is illustrated?
Floating Exchange Rate
Capital Controls
Currency Peg
Currency Board
A currency peg is a fixed exchange rate system where a country's central bank maintains its currency at a set value relative to another currency, intervening as needed. This arrangement provides exchange rate stability but requires large reserves. It differs from a floating rate where market forces determine value. Learn more
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Study Outcomes

  1. Identify Core Economic Concepts -

    Recognize and name key economic ideas such as deglobalisation and currency devaluation by viewing representative images.

  2. Differentiate Similar Economic Phenomena -

    Distinguish between closely related concepts, ensuring clear understanding of their unique characteristics in visual contexts.

  3. Analyze Visual Economic Indicators -

    Interpret charts, graphs, and symbolic images to assess underlying economic trends and indicators presented in the quiz.

  4. Apply Theory to Real-World Scenarios -

    Use theoretical knowledge to explain how depicted images reflect actual economic events and policy impacts.

  5. Enhance Economic Vocabulary -

    Reinforce terminology by matching definitions to images, improving recall through interactive visual reinforcement.

  6. Evaluate Policy Impacts -

    Assess the potential effects of economic policies shown in the quiz images, fostering critical thinking about real-world implications.

Cheat Sheet

  1. Deglobalisation Dynamics -

    Deglobalisation refers to a sustained reduction in international trade, investment, and cross-border flows. Look for images of closed borders or shrinking container volumes - these signal a leftward shift in trade supply curves (Source: WTO). Remember the mnemonic "RICE" (Regulations, Incentives decrease, Costs Elevate) to recall drivers of deglobalisation.

  2. Currency Devaluation Effects -

    A currency devaluation is a deliberate downward adjustment in a country's exchange rate, making exports cheaper and imports costlier. In images, spot falling currency symbols or downward arrows beside forex rates (e = foreign/domestic). The basic formula Δe = e_new - e_old helps quantify the change (IMF).

  3. Shifts in Supply and Demand -

    Supply or demand curve shifts reveal changes in market conditions: a rightward demand shift means higher quantity at each price, while a leftward supply shift points to reduced output. Visual clues include arrows or new curve positions in graphs (Source: Mankiw, Principles of Economics). Use "PRICE": Population, Resources, Income, Costs, Expectations to remember shift factors.

  4. Inflation Measurement via CPI -

    Inflation is tracked by the Consumer Price Index (CPI), calculated as (CPI_t - CPI_{t - 1})/CPI_{t - 1}×100%. Images of shopping baskets or price tags rising over time hint at inflationary trends (BLS data). The "Big Mac Index" is a popular informal example for comparing purchasing power globally.

  5. Trade Balance and Current Account -

    The trade balance equals exports minus imports; a surplus indicates net exports, a deficit signals net imports. Seek images of scales tipping toward export or import goods to identify this concept (World Bank). Remember "X - M": Exports minus Imports to quickly gauge a country's trade position.

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