Economics and Business Quiz
These are the set of 30 Economics and Business Quiz questions and answers.
Q1. According to one theory, the reason why this ubiquitous phrase seems grammatically incorrect is that the second word is supposed to be separate from the other two. Diesel shortages during WW2 forced a change in conventions that became the origin of the second word. In India, people employed this technique to save money.
What three-word phrase is this, that had a movie of the same name in 2009 and is also the title of a Honey Singh tune?
Answer: Horn OK Please
Q2. Economist Tim Harford notes in his book 50 Things that made the modern economy that this particular invention is probably the most important of the 19th century. It was termed as being “Lighter than air, stronger than whiskey and cheaper than dust” by the inventors whereas the natives called it “The devil’s rope”
According to him, it made the civilization of the wild American west possible as it solved a common livestock problem that prevented settlers from colonizing the west before.
What preventative invention is this?
Answer: Barbed Wire
Q3. The term _________ is popularly attributed to legendary computer scientist Grace Hopper in the 1940s. In 1947, in the very early days of computing, a team of Navy computer programmers led by Grace Hopper ran into a problem with the mainframe. They spent many hours checking out the software. Finally, they opened up the computer and found a dead moth on the main circuit board blocking a relay. She promptly removed the moth and logged it in her book.
Q4. From the early 1980s until the early 1990s, American Express was known for cutting its merchant fees if they accepted only American Express and no other credit or charge cards. Competitors such as Visa and MasterCard cried foul as the tactics “locked” restaurants into American Express. This ultimately led to the retailer uprising in Boston known as the ______ ___ _____, a pun on a historically significant event that took place in the city.
Answer: Boston Fee Party
Q5. The back cover of The Doors album “Morrison Hotel” features X(photo), which was an eating establishment that was situated in Los Angeles. Although it later closed down, the name X was used by two American entrepreneurs who saw the picture and opened an American style diner in London, now also known as ‘The Mecca of rock collectibles’. Which iconic chain did they establish?
Answer: HardRock Cafe
Q6. Y was the X’s Mascot in the 1980s. It was meant to be an anti _____terrorist whose job was to ruin the _____by whatever means. The ad campaign by X launched an obnoxious character which soon became the most hated mascot in the history of the business. Even the Y, seems to have been drawn from the word annoyed. The ad campaigns revolved around ‘Avoid the Y’. The campaign was hated so much that it spread like wildfire. Y was so popular that it featured in several video games and had a cartoon series as well with cameos in Simpsons, Family Guy, and The Goldbergs.
Answer: The Noid Dominoe’s
Q7. This a picture of Bletchley Bar, London where you have to perform a certain activity in order to get drinks. What activity is this?
Answer: Break Codes.
Q8. Designing an efficient yet effective airbag, as it turns out, is a pretty difficult task. Its got to open up in a split second and become rigid to save passengers from the shock. A frequent problem that manufacturers face is how to fit the airbag in the least space possible and make it inflate to its shape in a split- second. To solve this, a German co took the help of Robert Lang, a world-renowned ___ artist to incorporate the ancient secrets of this folding/unfolding technique into its design. What playful art is he known for?
Q9. R Sivabhogam, a freedom fighter, had graduated from Queen Mary’s college Chennai. She was once in prison for her participation in the freedom struggle. Inspired by Swami Vivekananda at the age of 23, she decided to pursue a certain number-crunching career, much to the surprise of everyone around her. However, there was an existing British law that restricted prisoners from taking up this profession, leading to a courtroom battle between the British and her, that she subsequently won and created history.
What was historic about her achievement?
Answer: First Female CA in India
Q10. In 1994, Ikea undertook an ad campaign, that was considered bold for the time and the Advertising age even commented “It is one small step for Madison Avenue, but it is one giant leap for ___ community. There has never been anything like this before.” Ikea, though, encountered heavy criticism from the conservatives, including the evacuation of its store in Hicksville due to a bomb threat. Ikea responded diplomatically, saying “We’re not trying to promote a certain lifestyle or make a statement,” and also went on to clarify that they were here to meet consumer demands from every section of the society.
What was the target audience of the campaign?
Answer: LGBTQ community.
Q11. This formula (perhaps the world’s best known), was first published by two economists in the Journal of Political Economy in 1973. Later, a third economist devised another method to derive the formula that turned out to have very wide applicability; he also generalized the formula in many directions.
Thousands of traders and investors now use this formula every day in markets throughout the world.
The two economists were later awarded the Nobel Prize in Economics for this.
Answer: Black Scholes Formula
Q12. _____ _____ simulation is a technique used to understand the impact of risk and uncertainty in financial, project management, cost, and other forecasting models.
The name _____ _____ comes from the gambling hotspot in the French Riviera, since chance and random outcomes are central to the modeling technique, much as they are to games like roulette, dice, and slot machines. It has also been featured in films, TV, literature, and video games – To Catch A Thief, James Bond movies, Madagascar 3, to name a few.
_____ _____ is also the name of a clothing company based in India – an apparel retailer and manufacturer of woolen and cotton garments for men, women, and kids. FITB.
Answer: Monte Carlo
Q13. The product description reads: ‘Is your best friend always worried about going out without a pair of spare ____? One never knows what might happen when out and about. If the worst happens there is always the choice of going commando and pulling out your Archie McPhee instant ____. It is a cool way of carrying around spare ___ even if they aren’t ultimate in fashion. These ___ are conveniently compressed into a compact pellet. Just soak them with water momentarily and they’ll loosen up so that you can pull them apart! And remember, it’s better to have damp ____ than no ____ at all.’
Q14. “Making edible _____ _______ makes use of molecular gastronomy—a discipline of utilizing science and technology for cooking. Spherification, a culinary process that is a part of molecular gastronomy, is used to make the edible _____ _______. You may have seen this method come alive in high-end restaurants where squishy liquids turned into spheres as deserts. These methods are freely available on the internet, and all we had to do was bring it down a level to contain such liquids” explains Richard, who works at Bengaluru-based start-up Workbench which is developing this product. What eco-friendly product is this which is touted to replace the use of single-use plastics in an everyday necessity?
Answer: Water Bubbles
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Q15. This term in economics was originally inspired by American comedian Will Rogers, who said: “This election was lost four and six years ago, not this year. They [Republicans] didn’t start thinking of the old common fellow till just as they started out on the election tour. The money was all appropriated for the top in the hopes that it would ___ __ to the needy. Mr. Hoover was an engineer. He knew that water ___ _. Put it uphill and let it go and it will reach the driest little spot. But he didn’t know that money ___ __.”The idea behind this term was that tax cuts to corporations would increase more equality in the economy.
What two-worded term, which is now often lambasted because of these corporations?
Q16. China has a huge micro-lending industry, where individuals and unions, and not authorized agencies are rapidly providing small loans to people without checking their payment capacity or income level. They have huge interest rates, that are borderline illegal at times. Millennials even take loans for the smallest of purchases, and naturally, as with any loan, they have to put up some form of collateral that will be used against them in some or the other way on non-payment of the loan. Some services like Afterpay have designed these loans to their benefit. The collateral that they take from these millennials will be used against them, much to the shock of family, friends, and relatives, if the loan is not paid.
What is this collateral, something the sub-continent dwellers are infamous for?
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Q17. Michael Burry is famous as one of the investors who predicted, and made huge financial gains on the housing crisis in America in 2008, and was played by Christian Bale in The Big Short. At one point in time, it was noted by publications that he had been investing in almond farms in California, and wineries. He says that it is a long- term strategy that he’s following; he’s focusing most of his resources on investing in one commodity (not almonds), and that almond farms were one way to do it. He didn’t think rights to the commodity were very profitable as an investment. His investments were bought out by Goldman Sachs, JPMorgan, and the like.
What commodity, which almond farming requires in abundance?
Q18. In Japan, it is best known by a local brand-name Puti Puti, pronounced “poochy-poochy”, and Kawakami Sangyo Co, its biggest manufacturer, has Puti Puti Culture Laboratory dedicated to finding unusual uses for it. Stress relief, diet aid, lucky charm: few can resist its allure. The founder started jotting down ideas several years ago some of which include ‘ Injecting ink to create a mosaic-like artwork, sitting on sheets on a picnic, and sewing these on a wedding dress’. Among the many products in its line is heart-shaped Xs, scented Xs, and infinite Xs. What common joy-inducing precautionary product is this?
Q19. While this abundantly used two-word phrase in Economics is attributed to X, it originally appeared in Shakespeare’s Macbeth.
Born more than 150 years apart, the two British luminaries each encountered rough receptions for their radical ideas. X was born precisely a century after the publication of Shakespeare’s First Folio, the first authoritative collection of his plays, including the occult
play Macbeth. It’s from here that X found the phrase which is now inextricably tied to markets and capitalism.
ID X and the two-word phrase
Answer: Adam Smith and The Invisible Hand
Q20. Temple Enterprises Inc was a company founded in 2003 owned by X.
What’s of interest in the company is the fact that its revenues rose from Rs 50k in 2014-15 to about Rs 80cr in 2015-16, a rise of over 16,000x.
And co-incidentally this company shut shop right before demonetization, citing losses.
Who was the owner of this company, who now is the national secretary of a national organization founded in 1928 which is registered under the Tamil Nadu Societies Act?
Answer: Jay Shah, son of Amit Shah
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Q21. Many trace the coining of the phrase, ____ and ______ to the beginning of World War I and the protesting resignation of Secretary of State William Bryan. Bryan was strongly opposed to the high expense and risks of nitrates for gun powder. Through the years, politicians have evolved the phrase for use in all areas of fiscal budgeting where there is a substantial trade-off between defense and social welfare. In microeconomics, it is an example of a simple production possibility frontier.
Answer: Guns and Butter
Q22. Granity Studios was founded in 2016 by this enigmatic individual, which went on to produce the universally animated short ‘Dear Basketball’. This short later won the Oscar for best animated short in 2018.
Who was the founder of Granity Studios?
Answer: Kobe Bryant
Q23. Tatu Westling of The University of Helsinki conducted an unconventional study and found a rather interesting co-relation.
He noted that the size of _____ is found to have an inverse U-shaped relationship with the level of GDP in 1985. He explains this by saying that salivary _________ levels have been shown to be positively correlated with risk-taking behavior. Therefore countries, where the length is average, tend to have stronger economies than those with the smallest or largest.
What is this index based on, something which is unsolicited more often than not?
Answer: Penis Length
Q24. Trevor Davis, a consumer products expert at IBM, suggests that the height of this product moves in tandem with the broader economic climate, with the heights inching up during downturns as consumers turn more flamboyant as a means of escape.
High Xs represents a carefree attitude. When times are tough, we crave stability and switch to lower Xs.
What item, that was once used by Persian soldiers for enhanced stability on horsebacks, is this?
Q25. An article on NY Mag explains how a particular quality of people working this specific job can be used to determine the state of the economy. It explains ‘In flush times, there is a robust market for people possessing this quality. Selling everything from condos to premium vodka is enhanced by proximity to ____ young people (of both sexes) who get paid for providing this service.
The more the intensity of this quality in this profession, the closer economy is to the brink.’
It says that during flush times people can leverage this quality to get higher-paying jobs.
Answer: Hot Waiters Index
Q26. This economic index says that there is a negative correlation between the state of the economy and the sale of this particular item. The concept behind this is that as the economy crashes and hopelessness sets in people turn to other avenues to help ease the pain. Thus, to escape the doldrums of reality consumers increase recreational expenditure. This is why even though there was a global recession in 2009, this industry saw one of its best years on record with even the low-quality outputs enjoying a good demand.
Thus, naturally demand this product associated with the aforementioned industry increased.
Which Central American invention, also the subject of many memes, from about 4000 years ago is being talked about.?
Q27. As the economy goes down, so does the demand for discretionary items.
These luxury items that cost more than $20,000 therefore, see a decline in sales, and as a result population of a particular species of the cold-blooded animal starts increasing.
After the 2008-09 slowdown, the farms in Louisiana faced solvency issues as demand completely dried up and these animals kept reproducing.
What animal, which is almost always at the forefront of PETA’s anti-animal cruelty campaigns?
Q28. In the climax of the 2008 movie The Dark Knight, The Joker decides to conduct a social experiment. He rigs two ferry boats leaving the city with explosives, and gives the passengers on each boat the trigger for the other. One boat contains average civilians, but the other contains prisoners, and therein lies the moral quandary; he informs them that one of the boats must blow up the other before midnight, or he’ll detonate both, killing them all. Thus leaving the passengers with the choice to either blow each other up or wait for the Joker.
This is a classic example of which economic concept?
Answer: The Prisoner’s Dilemma
Q29. Legend has it that this now iconic phrase originated in the 1910s at National Cash Register (NCR) Company.
Its founder, John Patterson was quirky and eccentric. He once dismissed an executive by asking him to visit a customer. And when he returned, he found out that his desk had been thrown out and was bursting in flames.
What phrase originates from this incident?
Answer: You’re Fired!!
Q30. Established in 1885, NCR Corp manufactures a variety of products including bar-code scanners and Point Of Sale terminals. However, it enjoys a near-monopoly on a certain product that has over 1L+ installations in India.
What product is this, whose first installation was in Enfield Village, London in 1967?
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